Why Nigerians should buy Amazon gift cards betwen September to December

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Posted on Friday July 10, 2015 at 9:34:57:

There are now a growing number of Nigerians who do their online shopping on Amazon and I have to say that it can cost a bit more when buying things with your Naira card especially when the prices of stuff one buys is listed in US dollars. There is normally a currency conversion done when one buys things with a non US dollar cards from Amazon.com. One way you can save some money as an online shopper on Amazon is to buy gift cards when the US dollar loses some value against the Naira and this normally happens every year at around December time.

It's no big secret that during December and normally before Christmas that the US dollar tends to lose some value to the Naira and you can even see this by checking for currency exchange rates at the black market or just checking the historical exchange rates on sites like Oanda. During December 2014, the official rate for the Nigerian Naira to the US dollar was about N185 and by March of 2015, the US dollar had appreciated to N204.

The US dollar is definitely going to fall a bit during the months of September to December and if you are planning on doing some online shopping by the following year, that period is normally a good time to buy gift cards.

I'm not sure why the US dollar exchange rate falls a bi relative to the Naira during the pre-Christmas period but I think It has to do with the fact that many Nigerians would be coming back home and also there would be less demand for the US dollar from importers and foreign transaction dealers. It pays to save money on shopping during pre-Christmas.

Apart from the fact that you can save some money on currency exchange rates by buying the US dollar when it goes low, you'd also agree that it's even better to save your online shopping funds in US dollars for the long term rather than in Naira if you intend being a long term buyer on Amazon. This is because the US dollar has always been consistently appreciating against the Naira since the 1980s and the trend doesn't seem to be reversing. So, your money is even safer when saved in US dollar than in Naira with the way I see it.

Buy Amazon gift cards because they never expire and a good way to store your money.