Kevin Brady once said, “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity & a lower standard of living.” This is an absolute fact.

The first time I felt inflation's impact was after Uni when I got my first job.

Getting my first job was like a dream come true. I could finally afford to buy things I always wanted without asking my parents for financial assistance. What an enormous joy it was for me.

Sadly for me, this joy was very short-lived because after I got my first paycheck, unknown to me, the prices of the items I wanted to get had gone up a lot, and I couldn’t afford it all.

Inflation had struck again when I least expected it.

Living in a developing country like Nigeria with a currency (Naira) that experiences constant devaluation against a global currency like the U.S. Dollar is a continuous struggle.

According to Premium Times Nigeria (a reputable news magazine in Nigeria), Nigeria’s Inflation rate grew to about 25.4% in January 2024. This is a 5.9% increase in inflation compared to a 19.4% inflation rate recorded in January 2023.

This puts Nigeria as the sixth African country with the highest inflation rate, according to BusinessdayNG.

With an inflation rate this high, it only makes sense to look for various ways to protect my earnings and savings against constant devaluation. In my little search, I found out about saving in crypto (USDT), and since I began this in 2023, I haven’t found a need to change my mind.

To know how I went about this, keep reading.

Why you should save in crypto:
Before I get into how I started saving in crypto, it is essential to know that the crypto industry is highly volatile, and this is why a lot of people shy away from trading crypto.

Although this can be crypto’s unpleasant feature, thankfully, stability has been integrated into the crypto ecosystem by the creation of USDT (crypto Dollar).

Unlike other cryptocurrencies, USDT is a stablecoin with its value pegged to a dollar. This means that for every USDT out there, its value is equivalent to a dollar.

Example: Tom has 100 USDT in his crypto wallet. Tom decided to swap this for fiat, and upon doing so, Tom received $100. This is because 1 USDT= $1.

The cool thing about USDT is that no matter how volatile the crypto market can be, it still maintains its value. So, there are no worries about the value of your USDT dropping to half of what you invested.

A stablecoin like this, which has almost the same characteristics as the U.S. dollar (which is considered as the most potent global currency in the world), provides a very flexible way to save no matter where you are in the world.

Saving in USDT provides stability for your funds, especially when traditional currencies experience volatility, especially during economic uncertainty.

Also, USDT helps to protect your savings against the weakening effects of inflation, primarily when a country’s currency experiences increased printing, thereby subjecting its economy to inflation.

As a Nigerian, saving in USDT allows for global accessibility due to its decentralised nature. It is easy to access your savings globally anywhere you are in the world, and you need not worry about your local bank's restrictions or unavailability.

How to start saving in crypto:
Saving in crypto is a straightforward process and can be done at your convenient time.

If you want to know about the best crypto-saving accounts and apps in the world, you should check out my article here.

However, if you are a Nigerian looking to save your funds in crypto, particularly USDT, I strongly recommend that you use crypto exchanges that are tailored to meet the crypto-saving needs of Africans, especially Nigerians, like the Roqqu crypto exchange.

Roqqu is one of the best crypto savings apps in Africa. As a Nigerian (or Ghanaian), Roqqu allows you to save your funds in USDT easily, thanks to the “Savings" feature on the app. Also, as you save on Roqqu, you earn high interest.

To get started with saving your crypto on this exchange, all you need to do is follow these simple steps below:

First, you need to download the Roqqu app on the google play store & sign up for free. You will be asked to verify your information & do your KYC.

Now, you can log in to your account. To begin your journey to saving on the Roqqu app, you have to deposit some funds in your wallet.

You can do this via bank transfer, mobile money, card top-up, etc. Once this is done, you can see the equivalent of the funds you deposited in dollars.

Next, click on the menu bar.

Once you do so, you will see the savings feature under the “Earn” section. Click on savings.

After this, click on Get Started. This will open up two options to either “Buy USDT” or “Receive USDT”. You can choose any option of your choice.

If you choose to buy, select the “Buy USDT” option. Roqqu will use the amount of money you deposited in your crypto wallet and convert it to USDT. Note: If you want to increase the USDT to save, all you need to do is to fund your crypto wallet again.

Finally, your USDT will be kept in a highly secure savings account, and as stated earlier, you get to earn interest weekly and monthly as you keep saving on the app.

You can save as you like, and there are no hidden charges on your savings account.

Note: You can easily withdraw your savings anytime and convert it to your local fiat currency for easy transfer to your bank account.

What Next!
Living in Nigeria, a country prone to high inflation rates, there is no doubt that finding various means to hedge your money against the falling Naira is a smart thing to do.

According to Trading Economics, the Naira has devalued against the dollar by over 800% from what it was in 2004, and it will continue to do so in the forthcoming years, except if specific measures are put in place to stabilise the Naira.

Saving in crypto provides a very convenient and alternative means to take advantage of the dynamic power of blockchain and protect your funds with a more stable digital currency.

High-value crypto exchanges like Roqqu make it possible for Nigerians to save & transact in USDT at little to no transaction costs.

Olodo. Save your hard earned money in cryptocurrency and cry to currency. Cryptocurrency is a white paper scam