How HBD is a better Saving option than the Depreciating Naira

Hello Everyone,.

Growing up I have been one who set money aside through savings so as to prevent unforeseen circumstances from catching me unawares. So far so good I've continued that habit till now.

Due to the economic condition and falling exchange rate in my country, I decided early this year to start my savings in dollar. Don't know how worse it is in other country but over here in Nigeria the national currency is depreciating rapidly.

Some five years ago, 1000 USD was worth about 310,000 NGN but as the time of writing this, the same dollar amount is worth about 605,000 NGN. Yeah it's that bad. The real funny situation is, the value in 2017 has more purchasing power than now at 2022.

One can only imagine how much worse it could get in the coming years. The only option of making your savings worth more is by investing in cryptocurrency or stable coin. Inflation really kicking hard and the minimum wage still remains the same.

So upon seeing the 10% APR sometime in January I didn't hesitate getting in on before it was further increased to 20% sometime in April . The introduction of pHBD sometime in April made saving in stables even more merrier.

Till the government start working on getting the national currency to regain it's value, it is HBD or pHBD for me. On second thought, even if they do, it would be hard to let go of the 20% APR.

Thanks for Reading

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