I recently came across a tweet from 2014 that shared a list of items you could purchase for just ₦73,000. Some of the items included: a ticket to Dubai, three round trips from Abuja to Lagos, and a washing machine.
Fast forward 8 years, and the cheapest ticket from Lagos to Dubai costs ₦373,584, two months in advance. Also two months in advance, the cheapest round-trip ticket from Lagos to Abuja on Wakanow is ₦121,704 and the least expensive front loader washing machine on Jumia costs ₦205,200.
People are increasingly unable to afford products as prices continue to climb at an absurd rate but earnings do not increase in tandem. And no, these aren’t luxury items, but normal everyday items that people have had to stop buying because they are now so expensive that it makes more sense to look for less expensive substitutes.
Basically, the rate at which the Naira has dropped in the last decade makes it an unwise decision to earn and invest in Naira. Thus, saving or investing in a stronger currency is the smart thing to do since forex-paying jobs are so rare.
Best assets to save & invest in
As we’ve already established, the Naira might not be the best currency to save or invest in, due to its volatility. To ensure that the value of your savings or investments is secure, you need to choose a secure currency or asset, and right now, the most widely used currency to save and invest is the U.S. dollar.
Unfortunately, there are still heavy restrictions on obtaining U.S. dollars in Nigeria due to restrictive Central Bank policies. For many people, the $20 monthly limit severely curtails the ability to buy both personal and professional items. Even the simple act of buying extra storage for my Android device from Google Play has been affected.
Luckily, there is a way to get around this problem due to the existence of a cryptocurrency called USDT (Tether). As the name implies, USDT is backed by the almighty U.S. Dollar, which makes it a stablecoin and one of the safest ways to save and invest money.
Available options
Banking services have come a long way since the early 2000s when the general populace only had access to a handful of banks to save and invest with, and international payments were notoriously difficult to process.
The rise of cryptocurrency in particular has completely changed how the world, especially Nigerians, buy and sell goods and services, especially in the face of stifling laws from the ruling class. Creatives, especially, have benefited from the cryptocurrency boom as it has become much easier and safer to process payments with cryptocurrency assets with the right platform. With the proliferation of several crypto exchanges, some good and some bad, the true challenge lies in identifying the right cryptocurrency exchange to use.
I had to go through a little bit of trial and error until I discovered Yellow Card. Since I created an account with them, I’ve had peace of mind knowing that my money is secure and readily available whenever I need it. Curious to know what made me choose them? Continue reading to learn more!
Why I chose Yellow Card
When the crypto wave first swept the internet, an astute few were lucky to get in early enough to make crazy profits when the value of assets like Bitcoin skyrocketed years later. I was not one of them. Suspicious of new financial ideas, I avoided the crypto wave just like I avoided MMM, sure that it would blow over quickly.
As soon as it became apparent that crypto was unlike MMM or other pyramid schemes, mastering it became my new goal. Crypto was being discussed seemingly everywhere I looked, but no one appeared to be able to explain it in a way that I could grasp, everything I saw just looked so complex. Frustrated, I was on the verge of giving up until one day, I discovered the Yellow Card Academy.
Not long after that, I began to trade crypto on Yellow Card, and when I realized that I could also save my money in USDT, I was ecstatic. For years, I’d received my salary in Naira, saved in Naira, and grumbled as climbing prices hit my savings HARD. With the new arrangement where I converted my funds and stored them in my Yellow Card USDT wallet, worrying about the volatile swings of the Naira affecting my savings soon became a thing of the past.
I can remember exactly how much Yellow Card saved me when I bought the laptop I’m currently writing this article on. When I received my salary last August, I immediately converted it to USDT and left it in my wallet to prevent the value of the Naira driving the price up. At the time, the laptop was available for $599.99. On the 25th of August, the exchange rate was $1 – ₦698 on Nairametrics. If I’d waited until now to buy the laptop, I would have had to buy it at a rate of $1-₦735. By converting my money to USDT early with Yellow Card, I avoided a needless ₦22,163 hit.
Why you should buy, sell and save USDT with Yellow Card
Enough about me and why I have decided to use Yellow Card. I mean, we’re different people, and what works for me might not float your boat, right? Here are five reasons why YOU should create a Yellow Card account today and begin trading:
- The best Naira- USDT rates around: As you can tell by the laptop example I shared, even ₦1 less can make a huge difference in Naira- dollar transactions. Yellow Card has the best Naira – dollar rates around, allowing you to enjoy a good deal no matter what side of the transaction you’re on.
- Security: This is a big deal for many people and was something I spent considerable time researching. You can read more here to see how Yellow Card protects your money and personal information.
- Ease of access: The appeal of USDT is in how universally accepted it is. Wherever you go, making payments is remarkably easy. And with Yellow Card, you don’t even need to change your money to USDT. You can even transfer Naira to someone in a different African country with Yellow Pay which allows the recipient to receive the funds in their local currency.
- Easy to use: No complicated buttons or roundabout language here. The Yellow Card website is perfectly optimized for both web and mobile browsing and the app is available for Android and iOS Simply create an account and you’re good to go!
- Ward off inflation: Until the Naira stabilizes, you’ll need a platform where your hard-earned money can be safely held without losing value. Yellow Card is that platform.
Create your Yellow Card account today and enjoy a simpler life!