So, I came across this meme about Naira and it was so funny while also inspiring to share this post. It's actually true that holding your finances in Naira and any other unreliable Fiat currency is like sitting time bomb and you'll definitely explode.
It is no longer news that the Nigeria local currency Naira (NGN) has been gradually devaluing such that it becomes a financial danger and unwise to leave one's money in Naira. At some points today, the Naira equivalent to the US Dollars rose up to NGN495 in the black market (BUSD/NGN). At that rate, it is a huge loss to those who held their savings in Naira as the value of their money would be decreasing.
This is why I prefer to always convert my money to cryptocurrency and hodl. Then, convert to fiat as the need arises; that way I am not being largely affected by the NGN's devaluation. Saving in crypto also gives room for me to grow the initial money and not it decreasing in a case where I left it in the bank. People really do need to come to the understanding of this so as to avoid Naira eating up their money.
Why Saving in LEO is better than Saving in Naira
Someone who converted their funds in Naira to maybe LEO or BTC at around March would have made well over 300% increase on the initial amount. This is so because these cryptos and others are growing because of their wide use cases and adoption. On the other hand, one who left their money in the bank are currently recording a reduction in the value of their money globally.
It's just best buying into great and trusted cryptos rather than holding that money in the bank. With banks, there's no certainty on growth on savings.
Posted Using LeoFinance Beta