The USA dollar to Naira as of 1972 was 0.658naira to 1$. But today it is 0ver 560naira to $1.
And according to the actual economical index, it should be way over 700naira to 1$ but some political manipulation had to be done to help reduce the impact of the fallen Naira.
Even at that the exchange rate still fell to at least N560.
With an inflation rate of over 13.5%.
If in this century you still see saving your money as an option, I must say you are trapped in the early 20th century, precisely before the 1st world war; where savings was a great way of multiplying your income (investment).
But in this era of inflation skyrocketing, economic and political instability, saving in the bank or in your house is a way of you losing money.
Precisely Nigeria banks these days no longer accumulate interest on your initial principal in a savings account.
In fact, the charges from the savings account outweigh the charges from the current account.
A lot of charges ranging from maintenance to SMS charges and a lot more will be deducted from your money daily and monthly.
The only time saving is recommended is when the aim is to invest and not just for saving sake.
And from the first paragraph of this article, you can deduce that investing in Nigeria naira is not wisdom, mostly when you deal with an international market.
The best way to invest is in an index fund.
What is an index fund:
An index fund is a fund that is tied to the S&P500 index. The S&P500 index is an index that monitors the 500 largest corporations in America by market cap.
This S&P500 index has a 96 years history. And in that 96years of history, it has never failed.
According to research, it has been shown that over the 96years of their existence if you invest in the index, your initial principle will yield by 10% to 8% yearly.
But in the last 10years, it has done better by giving 10% to 15% yearly.
When you buy an index fund, the brokers invest your money in the shares and stocks of companies listed in the S&P500 index (obviously the one you chose or if you prompt in on automatic trade).
The S&P is an acronym for standard and poor’s 500 and is one of the top stock market agents/brokers, if not the top agency in the world.
obviously, there are risks, but the risks are minimal.
And if you are to go direct to these USA agencies to buy US, UK, Chinese, and Canada stocks, and shares, you will be ready to pay nothing less than 1,000$.
And that is why I will be discussing 4 major apps that can help you invest in the US, UK, Chinese, and Canadian stock market with Naira, and your returns come in USD.
Trove app can be downloaded from the play store and iOS store. And it is owned by Trove technologies Ltd.
The beauty about trove is that; they can easily be accessible in Lagos, Nigeria where they are located.
They’ve been around for like 4years and are very stable.
The amazing thing about their app is the fact that the app is built in the likeness of the S&P500 itself that has both research and analysis tools.
And they allow you to buy shares or stocks using naira, not just that, but with as low as N1,000.
Chaka app is similia to Trove. Owned by Chaka technologies.
You can access the app from your play store and iOS store.
You can also buy stocks or shares with as little as N1,000.
The only problem with Chaka is the fact that it doesn’t have a research tool like Trove, that’s the only reason most people rate Trove above Chaka and other trading apps.
Risevest popularly called Rise can be downloaded from your iOS and play store.
Is really a good investment app and it allows you to buy shares and stock with as little as N1,000 or 10$.
Bamboo can be accessible like the previous three apps.
What set Bamboo above the three, or let me put it this way; what actually makes people love the Bamboo investment app more is that it is more user-friendly than the previous three.
It doesn’t have a research tool the way that Trove has, which makes trove more analytical than Bamboo, But Bamboo is very user-friendly.
One amazing thing about all these apps listed above is that apart from buying top foreign stocks and shares like; Tesla, Google, Amazon, Apple, Netflix, etc you can also decide to buy top Nigeria Stocks and shares.
Talking about Nigeria’s top companies to buy and sell stocks or shares from; GTCO (guaranty trust bank), Access, E-transact, Airtel Africa, MTN, and so on.
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I hope you enjoyed this article: 4 Apps to invest in US, UK, Chinese, and Canadian Stock market from Nigeria
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