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Yesterday, I watched as the Nigerian Dollar black market started twitching and breakdancing. As I write, Dollar is over N400 to the Naira.
I am a bit concerned about the rush people are making to invest in Dollars anywhere and everywhere, without understanding the options, risk and suitability. So, here are some thoughts to chew on:
1. What is the risk profile of what you're investing in? There are low risk options like Dollar Eurobonds & Mutual Funds to medium risk Real Estate to high risk Stocks.
2. I beg of you, please don't invest in a high risk vehicle like stocks which requires knowledge, time and attention if you DON'T have knowledge, time and attention. 🙏🏾
3. For tech platforms that help you to invest in Dollar assets from Nigeria, be clear about the corporate entity in the US who holds those assets in trust, while they remain on the app. Should you die suddenly, what is the exact process of proving ownership?
4. What are the pros and cons of each tech platform? They are not ALL the same.
5. When you liquidate, will you be receiving your assets in Naira at the prevailing rate, or in Dollars? If it's the former, you're still at risk of currency rates in Nigeria, availability of Dollars, CBN transfer limitations and the Nigerian government's mood. How do you hedge?
6. Because of current global imperatives and the pressure on our currency, I'll dedicate a segment of my investment course to designing Dollar denominated investment strategies for Nigerians.
7. I'll also review all the apps that allow you to buy Dollar assets in Nigeria. Let's discuss the pros and cons of each one. Let's also explore other investment options open to Nigerians that can hedge against currency risk and inflation.
8. In addition to my videos on seven investment options in Nigeria, you will gain direct access to me for one week and can ask specific questions.
9. This is no time to panic. This is the time to plan and execute. You worked hard for your money. It shouldn't be devalued before your very eyes.
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