Please note: I am not an economic adviser; the adhering to insights are derived entirely from my personal experience.
Throughout the preliminary stages of my financial journey, I was part of the PiggyBank area, currently called PiggyVest. My main objective was to grow a regular conserving habit on a monthly basis through their platform, albeit without accruing rate of interest due to my option of the Halal account. However, this undertaking was temporary for a number of factors.
While PiggyBank promoted my conserving initiatives, I soon realized that I was sustaining losses as a result of different bank fees such as SMS notifies, to name a few. Furthermore, my lack of ability to resist the temptation of withdrawing funds outside the marked free withdrawal days led to service charges enforced by PiggyBank, inevitably penalizing me wherefore was regarded a suboptimal conserving actions.
In July 2023, my financial journey took a brand-new turn when I uncovered Cowrywise, a system that not only lined up with my Halal preferences yet also supplied investment alternatives. This enabled me to maintain my funds and potentially yield profits when needed, recognizing the intrinsic dangers associated with financial endeavors.
Reflecting on the previous 7 months, I contemplated the possibility of transforming each conserved amount to USD at the time and ultimately trading it back to Naira whenever needed. This contemplation emerged from the concept that such an approach could have generated much more positive end results compared to my previous approach.
I developed a sheet, as shown in the photo above recording all the money invested and found the comparable in USD utilizing the highest possible rate at the time. You can obtain this from https://twitter.com/naira_rates making use of the format below.
You only need to change the date to match your demands.
The below graph shows a recap of each portfolio, the total quantity spent, the revenue, and the amount in NGN if the first down payments are converted and saved in USD.
In summary, had I selected to transform my NGN financial investments to USD at each particular day, making use of the highest exchange rate available, and subsequently decided to trade it back to Naira since today (January 19 th, 2024, I would certainly have acquired an extra 483, 990 72 contrasted to the original sum of my investments.
This analysis motivates an engaging inquiry for capitalists: Is it much more prudent to persist with NGN-based financial investment platforms like
,
, marbles, etc, or should one contemplate the approach of converting NGN cost savings to USD and patiently wait for the future for potential economic gains?