Protect your investments, Save in USD today!
Disclaimer: BUSD and other cryptocurrencies are not classified as legal tender nor regulated securities in Nigeria.
If you saved ₦1,000,000 in 1999, it was worth $45,680.
In 2009, your ₦1,000,000 would have been worth $6,893.
In 2015, your ₦1,000,000 would have been worth $5,000.
And today, your ₦1,000,000 is worth $1,980.
A dollar went from being worth ₦145.07 to ₦505, all in the space of 10 years, which is 3x less than its original value.
What does it mean to you?
If you saved the same ₦2,000,000 naira in 2015 and you made 11% interest on it every year, you would have ended up with ₦3,370,118 today. That’s a 68.5% return on investment.
At first glance, this looks like you made an amazing investment.
But when you convert this same investment to dollars, you made a loss of $2,511 on your investment, which is more than the cost of an iPhone.
This is because you started out with $10,000 (₦2,000,000) and ended up with $6,673 (₦3,370,000) today.
The problem with saving in Dollars?
The obvious solution to the problem would be to save in USD right?
But although the U.S dollar is the most widely used currency and one of the most stable currencies in the world, the problem with it is its accessibility.
If you like most people, the only place to find USD is to buy from your local “Aboki” and that means you’ll be paying black market rates which could be as high as ₦530.
This is minus the hassles of finding one that is reliable and close by as well as holding large sums of USD in your house, which is an extreme security risk. If you wanted to also sell your USD you have to repeat the same manual and offline process of calling your “Aboki” to get the latest rate and moving your USD in person.
This is where BUSD comes in. BUSD is a digital currency and stablecoin, that is 100% backed by the U.S. Dollar which means 1 BUSD = $1. BUSD is held in FDIC-insured U.S. banks and is approved as well as regulated by the New York State Department of Financial Services, meaning it is safe.
Why BUSD?
BUSD is a digital currency that combines both the stability of regular fiat currencies and the accessibility of other cryptocurrencies. Thus safely securing you from currency volatility.
This means if you bought 100 BUSD today and the exchange rate of USD/NGN changed to $1 = ₦600, the 100 BUSD you own would be worth ₦60,000. And you’ll be able to convert it back to naira in under 5 mins from via mobile phone from the comfort of your home or office, it’s as simple as that.
Where can you get BUSD?
You can buy BUSD and convert it back to Naira by using Bundle. And it takes less than 3 mins to do. Bundle is a social payment app backed by Binance, the world’s largest digital currency exchange.
It was founded by Yele Bademosi, a former director at Binance Labs, the venture arm of Binance and the founder of Microtraction, an early investor in startups like 54gene, Cowrywise and Wallets Africa.
After downloading Bundle, here is how to buy BUSD:
You can download the Bundle app here.
