you could lose money if you’re not careful.
piggyvest & cowryrise are great apps for investments but let expose the risks involved.
if $ goes to N2000 before the end of the maturity period
your investment position would be approximately -31%
on paper, you’re making money that yields negative return
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let’s calculate,
your principal interest (940k 150k)= N1,090,000
to get the $ value, we would divide it by the current dollar rate (N1370)
N1,090,000 / N1370 = $795
this means, with N1.09m you could get $795 today!
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however, let’s say $1 reaches N2000 before the end of the maturity period. you are actually at a loss because
N1,090,000 / N2000 = $545.
which means, $795 - $545 = $250 loss.
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at the moment, you could buy $795 with N1.09m
but if $ reaches N2000, that same N1.09m would only get you $545.
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if naira appreciate tho, you make money.
I locked 940,000 on Piggyvest for a year and got paid 150,000 interest upfront.
gud tek?