Aside from being a spendthrift, saving, doing business, and earning in an unstable currency that descends more than it ascends can lead to financial jeopardy. It will leave you feeling like you are hustling backward. Its even difficult to remain a local champion as your money keeps losing value, hence the need to patronize / hold stable currencies and entities.
As a Nigerian, it goes without saying that our currency (the naira) has been falling through a slippery slope for quite some time. Over the past few years, the naira has lost a great deal of it’s purchasing power. Meaning we have to spend more Naira to get items. Thankfully, we aren’t handicapped in this situation. There are actually options open to Nigerians.
Following the current trend, there has been a rise in the number of available innovations in the fintech sector. Some of these innovations and provisions will be discussed in this article as we explore a comprehensive list of best apps to escape Naira devaluation
From my observation, I have come to discover that PiggyVest is most popular for its savings features like “Safe Lock” and the rest. However, PiggyVest does more than just help you save your naira. If you read through its offerings or take a proper tour around the app, you will find that PiggyVest also allows it’s users to invest their Naira in different businesses in Nigeria and also allows dollar savings.
As someone who is looking to escape the effects of naira devaluation, you should totally consider checking out the PiggyVest dollar saving system. Here, PiggVest allows it’s users to convert their naira to dollars (which is a very stable currency) using the black market rate. Aside from having the converted dollars stored within the app, users can also transfer the dollars from their PiggyVest account to their bank accounts for a token.
Having this PiggyVest dollar system at your fingertips means you don’t have to allow your naira to sit idle, allowing it lose it’s purchasing power.
Enter one of the platforms allowing Nigerians to invest in foreign stocks (stocks listed in the United States). Bamboo offers a system that brings foreign stocks to the reach of Nigerians. Aside from making these stocks available, Bamboo also makes them affordable. They allow Nigerians to invest as little as 15000 naira in any company listed on the platform, thanks to the fractional investment they offer.
Registration on the platform is also simplified. Bamboo doesn’t really have an age limit and all you need to get started is your NIN and contact details.
Bamboo offers stocks from a ton of major companies in the world, companies stocks such as Meta, Amazon, Tesla and more. You can think of it as a blend of growth stocks and value stocks.
How can this be beneficial in your fight against the devaluation of the Naira? Well, Bamboo lists their stocks in dollars, so your funds are actually invested in dollars, so you get returns in dollars (which is a very stable currency). However, you should note that stocks plummet, so you should consider your investments and take calculated risks to reduce losses.
If you feel investing in stocks is too risky, Bamboo also offers a dollar investment package, where users purchase dollars within the app and the dollars is held in a fixed deposit, with returns going up to eight percent. This can be thought of as a good strategy for people with funds they wish to save for a long time. Funds aimed at being grown for a big project or retirement funds can easily fit here.
Similar to Bamboo, Risevest is another company that provides a platform for Nigerians to invest in foreign stocks (stocks listed in the United States). Inside the platform, you will find a plethora of big names, such as Google, Amazon, Facebook, Adobe and more.
People with the intent of investing with Risevest, can invest as little as $10, which is sort of similar to fractional investing in Bamboo.
Also like Bamboo, Risvest has dollar-fixed deposit investments, where users can deposit their Naira, have it converted to dollars, and have it saved with 10% annual interest. This way, you have your finances protected against the Naira devaluation while at the same time gaining interest on your savings.
Interestingly, Risevest has a financial advice system where users can be mentored on items in which to invest their funds. This will go a long way in helping newbies get started in marking and safeguarding their finances, as investment can be very tricky.
Last but certainly not least on our list is the popular crypto exchange Binance. Being a crypto exchange, Binance has different systems to make money. The topmost one being crypto trading. However, for someone isn’t very conversant with crypto currencies, we advise you to stick to the USDT, which is basically US dollars in crypto.
Send your naira into Binance, convert them to USDT and hold. This is one of the safest crypto practices people can exploit. However, you are advised to commit all the required Binance login particulars to memory and also take cognizance of your wallet address.
Wrapping up: There you have it—a comprehensive list of best apps to escape Naira devaluation. If you have any other recommendations, feel free to drop them in the comment section. We will love to hear from you.