NAIRA Devaluation: Don't FOMO Into The Crash.
The naira keeps crashing hard and there's news that if anyone had been shorting the market for a while now, they would have found themselves a fortune by shorting the Naira. Well, like in my previous posts, I did state a fact that FOMO actually has landed quite alot of people massive fortune but has done more havoc than blessings, so is FOMOing into the Naira crash.
At this point, trying to short the Naira might be a bad idea. While there's still a chance for further crash due to the economic situation the country and negligence of the government on the steady devaluation, I really can't advice anyone to begin to short the market because it feels a bit too late already.
But in all honesty, I don't think the crash is gonna stop in the coming months. There have been news that the CBN printed out loads of cash and right now the Naira in circulation is in tremendous amounts which has also contributed to the crash.
It's quite sad, but at this very moment, I'm currently working on ensuring I have all my assets in USD value this is because at the end of the day, finance isn't a patriotic affair, its a global one and I really don't feel safe dealing in Naira anymore.
Of course, there are assets that can't be converted to USD like land unless sold, but the fact is that at this very moment while we still have leaders who don't care about the lives of their citizens and the economy of the country since they're in control of all the money, it's best I stayed away from anything their actions can affect and this includes the Naira. At least, for now.
The elections are getting closer and there's a chance the economy could recover when the right candidate emerges the winner and restructures the economy. I personally don't feel good about the steady devaluation because in the long run, it affects us all whether you earn in Naira or any foreign currency.
So Country men and women, please get your PVCs and vote out bad governance.