Avoiding the Nigerian Naira at all costs

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At the time of writing this, the US Dollar to Nigerian Naira is currently valued at N575 or in other words, N1 is about $0.0017. This, as I always say, is absurd. It keeps getting worse every day and there's no measure in place to make it better.

Over the last 6 months, I've done all I can to avoid holding Naira as much as I can. This has been easy because I barely have responsibilities that warrant me changing my crypto as often as others would.

I've found myself in conversations where a large amount is mentioned and immediately these individuals start converting it to Naira and they talk about how large that sum is. I'm learning not to be deceived.

Although I can't ignore the fact that by default my mind does the calculation to the possible nearest figure equivalent in Naira, sometimes. However, depending on how large the amount of money being discussed is, I decide to just leave it in Dollars and calculate it accordingly.

For instance, calculating the value of $700,000. I would never put myself through the stress of calculating this in naira. This is because I will not come across this sum and spend it in Naira.

My mind automatically translates into the life I desire in a foreign land spending foreign currencies and not converting that to Naira to live a lavish life here.

The goal is to live comfortably with a lot of Dollars, not Naira.
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An instance of wealth conversion

When I was 13 years old, my mother and I travelled to the UK to pay a visit to my older sister. At that time, the value of the GBP to Naira was about N150 or in terms of Naira to GBP, E0.0066. This was still pretty bad but not half as bad as it is now. It was a manageable situation.

At the time, I was able to calculate my older sister's income in the UK to Naira and she was seemingly wealthy at the time. Her pay was a little over E13,500 per year. Converted to Naira, she earned over N2 million yearly. At the time, that was huge. I don't think my parents individually earned up to that amount.

However, in the UK, she wasn't exactly wealthy. She was barely getting by. She more or less just survived. Her rent ate up nearly all her monthly income and the rest was meant to buy random things she'd send home or just things to keep her comfortable.

That experience taught me a lot at a young age. I think this has translated into my current mental decision to just avoid considering a life in terms of Naira conversions.

It's always going to be a lot. Yet we all know that the things we can buy with a certain amount keep reducing every day. It's no use seeming wealthy in terms of an amount that is useless in every case.

I calculate my goals in Dollars, make my plans in Dollars and live in terms of Dollar equivalents. This helps me stay sane in these very trying and uncertain times in this country.

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7 comments
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It still hurts when I spend in Naira cause I don't see the value for what I pay for.

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The problem with calculating in fiat like dollars is you measuring in something that’s the best of a bad bunch

In South Africa I’ve seen the Rand drip from ZAR6 to a dollar to now 14 which may not seem that bad compared to the Naira but what people aren’t factoring in is that the dollar itself is also losing value

If we look at the last 2 years alone 30% of the dollar supply was created in this short space of time so while the naira is falling the dollar is falling too just a lot slower but yo’re still getting debased

If you want a better measure of uSd loss it’s best to measure in ounces of gold or In Bitcoin and you can see the real loss in purchasing power

Sure I get your reasoning for wanting Dollars it’s totally rational but for me I’m already done with fiat and I only want to hold Bitcoin it’s mathematically designed to obliterate any other store of value and has proven so for 12 years

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There's no doubt the dollar's plummeting too. However, over here, it's the closest thing we factor in when we calculate the value of our currency.

It's the next currency majority of people who don't hold naira in bulk save their money in.

I think until the loss of value of the dollar is as obvious as the Naira majority will just stick to what's popular.

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Omo, just omo. Well at least when Hive pays, it's not in Naira. because what is this?🤡

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