Nigeria is one of the greatest African countries ever, and maybe still one of the greatest exchanges, with two main currencies, which are the naira and the dollar. One serves as a surbodinate for the other, as they are used in transactions. These two currencies uphold a very high reputation among her citizens and of course for any other transactions done in the said country, it must boil down to either the dollar or the naira. The naira is mostly used when doing transactions related to interstate or local governments or regions within the country, outside of within the country, To make a transaction with naira in another country, it must first be converted to its equivalent in the country in which one intends to spend it.
The case of the naira is somehow applicable to the dollar but the difference here is that some countries still have their own dollar equivalent of the normal and well-known dollar so to use the normal dollar, they might have to reconvert it to the widely accepted dollar if they intend to do transactions with other countries whose dollar is different. There are many used cases of the naira to dollar firstly within the country and then dollar to naira and other currencies as far as transactions are concerned; they all have different worths and points of view both in there balanced and unbalanced states.
The Dollar to Naira Rate we Used to Know
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A very long time ago, when things weren't this way and the naira held its value to a much greater extent against the dollar, the rate of exchange and the worth of naira to dollar or dollar to naira held a very significant gap between each other, such that one doesn't necessarily need to do any research or findings to know which is the naira or dollar and their rate because the difference was too clear but right now, one would find it difficult to know which one is the country's main currency, whether it's naira or dollars. With the way it is at the moment, the naira is the second currency, whereas the dollar is the main currency.
There was a time when the rumour of redefining Nigerian currency came on board and by that time, the exchange rate and worth of these two currencies weren't as they are currently. It was somewhat less and people were even complaining. Fast forward to what we have at the moment, where we wish we could take back the hands of time so that the policy of introducing a peg for naira, which was proposed E-NAIRA could be possible. This is not completely gone but at the moment it is cooler.
Naira, as of then, back in the 80's, 90's and early 2000s, held a redominant dominance over the dollar, such that no one would want to save in the dollar as far as one is in Nigeria but right now, the reverse is the case, as the naira is no where close to what the dollar is because of its exchange rate and what it stands for and is attributed to in my dear country.
Balancing the Unbalanced state of Both Currencies
(a)
Investing on Dollar-Based Companies;
Now, the dollar is predominantly having an overhead kick ahead of the naira, as one dollar is 1500 naira equivalent as of the time of writing this article. This carefully means that there is no meaning in saving money in the bank, as notwithstanding the amount you view as saving, saving in dollars would have a better advantage. Most Nigerians now prefer lending or staking their money to a dollar-based company or app whose pay of interest isn't in naira because the value is something not to write home about.
These dollar-based apps or lending companies convert the equivalent of their naira to a dollar, use it for profitable business and pay them the rationale they already chose during the registration process of the app. In addition to this, if the dollar-based app or investment is trustworthy, safe and sound, it will attract the interest of others and from there a living is being made through investment
(b)
Working or Doing Free Lancing Jobs Paying in Dollars:
This is another perspective that most Nigerians engage in so as to make more money and balance the unbalanced state of the naira against the dollar. Engaging in free-lancing jobs that pay in dollars or working for a company that pays in dollars would help one elevate a little as well as increase the means and likelihood of survival to a worthwhile extent. This is so because if one solely depends on the naira and its fluctuations when it comes to worth, one would constantly be working and getting paid but there is nothing much to be achieved from it because of the exchange rate of the dollar to the naira.
A good, free and paying-free lancing job I can recommend based on my knowledge is Hive Blockchain. Wanna know about it, Hit me up and let me put you through.