Dollar to Naira Today – The Good, Bad and UGLY
Dollar to naira today is? I take it you already know. If you are seeing the conversion and you are depressed, don’t be. We would be talking about how to use this to your advantage. This applies to any other currency that is getting beat up at the moment.
Currently the exchange rate is 1 dollar to 415 naira and 580 in the black market. 1 dollar to naira or 100 dollar to naira. You are still in the same situation.
The Good news. Let’s start with the africans abroad. This is the best time to invest. Because we get straight to the point at africamedialink. Here are your key points.
Buying Power – You now have the advantage to start the project you have been dreaming of beginning back home. With your dollars’ current advantage over the naira. 1000 dollars to naira can definately get the ball rolling. Yes, the price of things would also start going up in the local market. That is why you need to take action. If you had started a project a year earlier, you would have paid cheaper for the same material in the local nigeria market. If you have properly planned your project amd just waiting for the naira to get just a little bit worse AKA “trying to time the market”. You would keep waiting ’til the boat sails.
What can you do with your buying power.
Start a building project – Your money would go a long way at any building stage. The house would not build it’self.
- Start a building project – Your money would go a long way at any building stage. The house would not build it’self.
- Buy local materials and services – Buying local building materials, like sand, iron rods now is best. The local market would keep increasing the prices to meet up the higher excahnge rate gap.
- Buying remote jobs – IF you have big or small remotrejobs, freelancers would not mind a steady flow of income from online jobs.
“trying to time the market”. You would keep waiting ’til the boat sails.”
TY.
Locals Good news. This is the time to think outside the box. With the price of basically everything going up in the local market. How do you make what you do more valuable to others and come out on top? While the people abroad have more buying power here is what you have and how to use it.
Selling Power – This is the time to widen your reach to new markets. Not just any market. Contries with currencies that currently out perform yours.
What markets are we speaking of.
Immigrants – With the influx of western immigrants “sound poor” OR expats “sounds rich”. You should begin to ask yourself. What do they need. Goods, services, local connections you name it. Remember they are came over to your cuntry to better their lives. They are coming to work, start a business AKA “sell to you”. They have a financial objective and have western currency to accomplish ir start their journey.
ONLINE oppurtunities – from remote jobs to outsources. You do not have to have any technological skills to do this, do not be scared. If you do have some technological skills, get ready for a lot of oppurtunities. I would dedicate the rest of this post to show you how you can take advantage of the higher exchange rate.
The Bad. When there is a big exchange rate gap between two countries, the price gougers comeout to play. Here is what you need to know.
- Do your research – When a seller says, the price of there goods and services went up because of the exchange rate. Do not take their word. The price of goods may have gone up, but not that high. Walk away. If this is a project, guaranteed they would keep increasing the price on you.
- Remember your buying power – Please, just beacuse $1 is not much to you abroad, does not mean the value is the same elsewhere. $5 would go a long way elsewhere. Factor in what the locals would pay for the service. Example. If what they would be pay for a service is equivalent to $2. Do not pay $4 or $5. Most people’s mind set would be. “If it takes 1hr to complete the task i am asking someone abroad to do, My minimum wage should be $10 an hour”. The locals where you plan on sending the $10 to pay $2 for the same service as A WHOLE DAYS JOB not 1hr. That means you just spent alot of money. NOTE: When locals have already worked with foreigner who pay with a high valued currency, they get greedy. Do the conversions yourself or
“USE THE EXCHANGE CALCULATOR ABOVE THIS BLOG FOR ESTIMATES” – Currency Converter
TY
The UGLY TRUTH. The longer you wait. The harder it may get to start to your project. It is that simple. DO your research and TAKE ACTION.
TY. Admin.
Africamedialink.com