Naira Devaluation: Embracing high in demand skills to Earn dollars

Naira Devaluation

Naira Devaluation: Embracing high in demand skills to Earn dollars

These are not the best of times for the Nigerian economy. It is buffeted on all sides by a weak local currency, declining industrial production, massive job losses, escalating cost of living, worsening insecurity, and difficulties in transportation, among others. Combined, they present a dangerous slide toward an economic meltdown. Naira Devaluation is currently at its peak. 

Dangerously, the national currency has been in free fall. It tumbled to a new low of N718 to US$1 this week in the parallel market, heightening fears of a further devaluation by the Central Bank of Nigeria. However, the importer and exporter’s window rate was N426.2 on July 28, widening the exchange rate spread to N194.25. 

The value of the naira is falling steadily due to increased speculation, falling external reserves, and low forex inflows. External reserves fell by $313 million in March, says the CBN. The increase in the tempo of political activities is seen also as a key factor in the depreciating exchange rate. Meanwhile, politicians are reportedly mopping up dollars for the 2023 election.

The country remains import-dependent and continues to rely on crude oil for over 80 percent of its foreign earnings. Conversely, it is not benefitting from the rising oil prices fuelled by the Russia-Ukraine war. Primarily, this is due to a lack of capacity to increase production because of massive crude theft and receding investment.

The working class and poor Nigerian masses are the worst victims of naira devaluation. With a devalued currency, the value of their income has diminished. They would also be required to pay more for goods and services. The little capital in the businesses of small and medium-scale entrepreneurs has also already suffered a great loss after the devaluation of the naira. Devaluation of the naira has no doubt led to hardship and has already worsened the already critical economic predicaments of the Nigerian masses.

Food prices are expected to keep accelerating and the inflation figure to probably reach 30 percent within the next three months. As soon as we begin to see the high price of diesel and possible removal of subsidy on petrol, the effect on food prices is only natural.

The devaluation of the Naira against other currencies does not affect only the rich. It also affects the poor masses, the poor are affected by this not just because of their financial circumstances, but because it is difficult for them to get out of poverty when they live in a country where the prices of goods and services have increased with the devaluation.

The effects of devaluation in Nigeria started the rising cost of local and foreign goods in the Nigerian markets. In fact, the condition that would make devaluation work in favor of a country was and does not exist in the Nigerian case in recent times. All the recent devaluation has been for political convenience rather than economic salvation. Thus, a check on all devaluations shows that economic conditions eventually worsen.

Embracing high-in-demand skills to Earn dollars despite the naira devaluation

With the consistent rise in the prices of goods and services, lots of Nigerians are now looking for not just how they can increase their income but how they can earn in dollars in Nigeria. 

This is very simple arithmetic since above 80% of products Nigerians consume are imported into Nigeria and the exchange rate of the dollar is massively increasing daily while the naira weakens, it makes no sense to continue earning in naira.

To cope with the naira devaluation, the ability to afford things in the current inflation rates in Nigeria, save and invest, it is best advised to earn, save and invest in dollars. The big question is how do you make money in dollars when you reside and stay in Nigeria? What are the necessary online skills needed to earn money in dollars? got you covered.

Below are a few ways you can earn in dollars while living in Nigeria:

1. Blogging 

Blogging is one of the most popular ways to earn Dollars in Nigeria. It has become a very lucrative industry, with many bloggers earning thousands of Dollars per month.

It is also one of the most creative forms of work that you can choose as your career path. You will be able to work from home and create content that interests people from across the world.

Getting started with blogging can be difficult; however, once you have gotten used to it, it will become a lot easier for you to continue posting on your blog regularly. The big question is how do you start blogging? What are the necessary skills needed to be successful as a blogger? How do you identify the top niches in blogging? 

Waptutors got you covered, below are the necessary online courses taught by top Waptutors professional bloggers that can get you ready.

How to Start A Blog [Free Course]

This training is newbie-friendly as it also contains starter videos to teach you niche blogging from scratch, and takes it a step further to show you the types of niches that are most profitable.

What you will learn from this course:

  • Basic Introduction to Blogging
  • Choosing a Domain Name
  • Buying a Domain & Hosting
  • Installing WordPress
  • Setting up Cloudflare (Optional)
  • Installing WordPress Themes
  • Important Plugins & Tips
  • Choosing a Profitable Niche

4 Profitable Niches in Blogging to Earn $1000+

What you will learn from this course:

  • How to Easily start your Blog
  • Discover 4 Niches that can generate +1000$ Monthly
  • Write SEO content for these Niches
  • Spread traffic across multiple pages

2. Forex/Crypto Trading

Forex/Crypto trading is a way that you can earn Dollars in Nigeria. Forex is an acronym for the foreign exchange market. It refers to a market where currencies are traded against each other. Crypto, well! Cryptocurrency famously known as crypto needs no further intro. 

The most common currency pairs include USD/JPY, GBP/USD, and EUR/USD. Also, BNB, Bitcoin, Ethereum, and other cryptocurrencies are just some of the most popular pairs that are traded in the forex and crypto markets around the world every single day by millions of traders from around the world who believe that they can make money through these markets by predicting future movements in their chosen currencies (or even other commodities like gold or oil).

Forex/Crypto trading is a great way to earn money because it allows you to take advantage of any market conditions that might be happening at the time.

The big question is how do you start Forex/Crypto trading? What are the necessary skills needed to be successful as a Forex/Crypto trader?

Waptutors got you covered. Unlike before where you waste time, money, and resources scouring the internet to get the best knowledge on how to become a trader, Waptutors Academy has made the entire process of learning how to trade seamless, providing you with step-by-step detailed explanation in the platform. Below are the necessary online courses taught by top Waptutors professional traders that can get you ready.

Forex Trading Made Easy

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What you will learn from this course:

  • Technical Analysis
  • Fundamental Analysis
  • Price Action
  • Trading indicators
  • Risk Management
  • Creating a trading plan
  • Developing the psychology of a successful Trader
  • How to choose the right Forex broker
  • The best Forex trading tools
  • Easiest Training on MetaTrader 4 & 5
  • How to Effectively use MetaTrader 4
  • Simple Method to calculate PIPS and POINTS
  • Various Types of Market Orders
  • How not to Lose Money in Forex Trading (Simple trick)
  • How to Master Forex Trading yourself and be the best.

Profitable Trading Signals & Training

The Waptutors Profitable Trading course is one of the most robust trading courses in Africa, it focuses on training and educating new people on how to trade asset classes and make money with daily trading signals inside the Academy Whatsapp group from experts.

What you will learn from this course:

  • How to Trade the Crypto Market
  • How to Manage your risk while Trading Crypto
  • How to Make Money Trading Crypto
  • Forex Trading & Crypto Trading

Other ways to earn in Dollars and also to earn a high wage in Naira are:

Mini importation

Mini importation is a process by which the importer buys goods from another country, where the value is less than the price in their country, and then brings it back to their country.

The goods are then sold at a higher price than they were when they were imported. This is called mini-importation because it’s like importing small items into your country instead of large ones.

You can also do this by selling clothes or other items on eBay or other websites that allow for international sales. The big question is how do you start mini-importation? What are the necessary skills needed to be successful as a mini-importer?

Waptutors got you covered, below are the necessary online courses taught by top Waptutors professional mini-importer that can get you ready.

Mini Importation Business Reloaded

Are you still looking to chill with the big boys, are you looking for that business you can do from the comfort of your home, and be generating over 6-7 figures online? The Mini Importation Course will teach you all you need to get started and also guide you to making your first millions in no time. You’d learn:

How To Import Quality Product At Killer Palliative Price Without Traveling Out Of The Country! And How You Can Make Above %200 Profit.

What you will learn from this course:

  • Product Sourcing Guide
  • Expert Secrets On Suppliers
  • Verified Stores To Buy From
  • Avoiding Online Scams
  • Selling On Jumia
  • Creating Your Website
  • Hottest Platforms To Buy From
  • A Free USA Numbers
  • Shipping & Logistics Handling
  • How To Sell Your Goods

Just How Easy Can it Get?

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If you are not already excited and itchy to start learning a skill to make money online from the comfort of your home,  then you should re-evaluate the current state of the country’s economy and how it must have affected you.

So, how easy can it get? it is ridiculously affordable to get started. with as low as #5,000 ($7) you could get yourself a course that teaches you a high-in-demand skill that helps you earn in dollars$ consistently.

The entire process has been tailored to meet your needs, allow you to learn at your own pace, and also provide you with all the support you need from the Waptutors team.

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