Shadow Dancing In Another Currency
Imagine a broke-ish person talking to you about finance. Hey, what’s up? Now, before you attack me with sticks or run away, you should know that I know what I’m talking about. Yes dear, I have experience in this field, do you?
Okay, you might also have experience but it’s also noteworthy that a prophet (-ess) isn’t appreciated in his (her) own homeland or social media place. Thank you for coming around. Today we’ll sit and churn opinions on saving in a more stable currency; a currency other than the naira. Thank you, thank you. I’m getting shy now because I wasn’t expecting the applause.
So you’re in a meeting (a class also works) and the presenter with his brown shoes and brown belt to match moves to another page. On this page there’s a graph with a red arrow. Not only is the red arrow contrasting with the page background, it’s also crashing down and fast. This isn’t the only graph with arrows your dressed-to-kill-this-presentation presenter has shown you today. Today you’ve seen flying green arrows, falling red arrows and coasting arrows. Yes, the presenter presented only arrows.
Now imagine these arrows as currencies and the red arrow represents ___? Yes, I knew deep down that your school fees weren’t a waste. The naira is represented by the red arrow as you correctly said. ‘Why red though?’ ‘Why not green or orange or lavender?’ ‘Why is it red and falling?’ These are questions you might ask and the blame, truly, is on inflation, importation and exportation rate, ease of doing business, the economy and some people. I won’t dive deeper because that’s not what’s up on the whiteboard.
Have you checked the value of the naira against any currency? I know you’ve checked the dollar, cedi and pounds. The range between that rate you’re currently seeing and that of last year is quite far. The naira might continue to fall until it starts to sing that Hailey’s rock bottom song. And I believe it’s better to face the truth, don’t lie to yourself, Bella OG.
Saving in a more stable currency will shield you from a lot of heartbreaks like thinking about how your one thousand naira might only get you two bottles of pulpy and how your naira savings are losing value over time. Another perk of dating another currency is that you’d be withdrawing at a higher rate than your initial deposits because the exchange rate keeps going up. For more details, do some research and don’t dare call my number. Or do call me. Do what you want, really.
If you do take away anything it should be this; the doctor called, the naira’s health is failing fast and it would take a miracle (or good governance and policies but what do I know?) to save it. Please don’t be the one who waits for it to leave the hospital because it would take a minute, a long minute, and you really don’t have to wait. Instead, you should research alternative currencies and platforms where you can access these currencies from wherever you are. What currency and platform you choose to carry out your financial actions are up to you.
On a much lighter note, squeeze some dollars or pounds or dinar (or even naira) into my hand when next you see me. If I refuse or start to act up, you can soothe me or secretly leave the money in my bag or pocket with a love note.
This post isn’t sponsored by CowryWise, PiggyVest, Bamboo, Trove or RiseVest but that shouldn’t stop you from checking them out. Don’t use me as an excuse, dear.
Stay healthy, stay safe and stay learning. Till next time, au revoir Mon Cheri!
