If you’re a Nigerian today, chances are one of the biggest things you’re looking for is Dollars. In a world where everyday prices continue to rise and the exchange rate against the Dollar keeps falling, you can imagine that the demand for Dollars will only continue to surge. And for everyday Nigerians, earning and saving in Dollars is the ultimate goal.
But, why is that? What is the reason for this rise in demand for Dollars, and how can you get your hands on the currency easily? Let’s find out in this article.
Devaluation: How It Affects Your Money
Before we look into how you can easily access Dollars in Nigeria, it’s important to understand the concept of devaluation and its effect on your finances.
Basically, devaluation is what happens when a currency’s value against the Dollar drops over time.
Take the Naira, for example. A year ago, $1 traded for about #1,000. Today, $1 trades for #1,650. This is a classic case of devaluation over time.
There are several reasons why a currency can be devalued. But, inflation is the most pressing reason, especially in Nigeria’s case.
How Saving In Dollars Helps
When a country is facing high inflation and devaluation, the best bet for citizens is to find a way to hold their money in Dollars.
Think about Nigeria’s example. If you saved a total of #100,000 last year and converted it to Dollars, you would have had about $100. Today, that same $100 would be worth about #165,000.
- Holding Dollars allows you to protect the value of your currency
- And considering the rate at which the Dollar has been rising in recent years, holding Dollars can also earn you an attractive return
The USDT Solution
For anyone looking to buy Dollars in Nigeria, there are a lot of hurdles along the way. Most people go through banks, but this hasn’t proven to be the best route for several reasons – including
- Wait Times: The process of getting Dollars from banks can easily take weeks
- Poor Exchange Rates: Banks maintain their official exchange rates, which are much lower
- Low Liquidity: Most banks also put a limit on how much Dollars their customers can get
This is where USDT comes in. USDT is a type of cryptocurrency known as a stablecoin. Basically, a stablecoin is a digital asset whose value is backed by a real asset.
In USDT’s case, it is backed 1 to 1 with the Dollar. This means that at every point, 1 USDT always equals $1. USDT offers several benefits to holders – including the following:
- Convenience: No need to go to the bank. Just get a crypto exchange you can trust, and you can buy and sell USDT from the comfort of your couch
- Speed: You can buy USDT in under 10 minutes. And with Exchanger101, selling USDT is even quicker when you need to.
- Global Access: With USDT in your Exxchanger101 wallet, you will be able to send to anyone, regardless of where they are
Competitive Rates: Unlike banks, crypto brokers like Exchanger101 offer great rates for USDT trades. So, you get even more value for your money.
Hold Your USDT On Exchanger101
Like every other cryptocurrency, USDT is one asset you want to be very careful with. Because of its importance, you want an exchange that can help protect your coins and safeguard them at all times.
This is why Exchanger101 is perfect for you. With us, you can hold your USDT in a secure and reliable wallet and send it out whenever you want to. Plus, you get some of the lowest sending fees in the market as a perk. Log into your Exchanger101 USDT wallet today and save your coins with ease!