As a smart person, I believe you desire to know how to save in dollars in Nigeria
Yes, that’s the way forward with what is happening to the naira right now…
But then, before you begin to save dollars in Nigeria, I’d like to share amazing information with you.
In this content, you’ll get answers to questions like
- Table of Contents show
Where can I save my dollars in Nigeria?
How can I save money fast in Nigeria?
Where to buy dollars with Naira online
Is it advisable to save dollars in Nigeria?
How to invest in dollars in Nigeria?
Etc.
The US dollar is a great option to save instead of your local currency since there are more opportunities for your local currency to experience inflation than there are for the US dollar.
This is not to say that the US dollar is not affected by inflation; nevertheless, the impact on your local currency is far greater than on the US dollar.
Right here, we will unveil different reasons why saving with the US dollar or a stable dollar asset like the USDT may be a better alternative to saving in your local asset.
REASONS TO SAVE IN DOLLARS IN NIGERIA
When talking of savings, it is preferable to save with the dollar or a dollar-backed stablecoin such as Tether (USDT) in the crypto market.
You need a personal savings plan that works if you want to save money wisely.
The following are some justifications for saving money in dollars:
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The Dollar Is A Currency With Global Status:
The US currency has a long history of serving as, among other nations, the World’s Federal Reserve.
Using your local currency to transact online can often be limited to your country.
This implies that until you convert your local money to dollars, the majority of companies and foreign organizations will generally not take it.
As a result, there are many chances for the US dollar to be used easily internationally.
An Anti-Inflation Measure:
People frequently spend dollars more when there is a significant, unanticipated occurrence or a lot of unrest and uncertainty in the world, such as there is at the moment.
Because the US dollar is regarded as a safe currency, investment in it is secure throughout inflationary and economic downturns.
It Is A Currency That Is Economically Viable:
The US economy, valued at $23 trillion, is the largest in the world, according to World Data.
This indicates that the US economy is strong and that its currency is strong from an economic standpoint.
It is a Currency with High Integrity:
The US dollar is a widely used currency across the world’s economies, commercial platforms, and toolkits.
It is a significant force in driving international trade and is adaptable enough to have a cryptocurrency form.
Most people outside of the US may obtain dollar equivalents as cryptocurrency by purchasing a cryptocurrency backed by US dollars, such as Tether (USDT).
The money provided to individuals in Ukraine via USDT proved to be helpful aid during the Ukraine-Russian War.
A safe crypto exchange website like Binance is where you may buy USDT. (more on this later…)
Savings On Costs:
The majority of successful software firms and corporations in the world are based in the US and make their internet purchases in US dollars.
Saving in dollars in Nigeria can helps you avoid currency rate expenses and volatility.
Saving money in dollars might be advantageous financially for people who go abroad regularly since purchasing power is higher abroad.
Now that you are aware of the benefits of saving money in dollars, let’s explore the several ways one may acquire and save dollars in Nigeria.
HOW TO SAVE IN DOLLARS IN NIGERIA
There are only a couple of ways you can save dollars in Nigeria.
The first way is to save dollars with a Nigerian bank by opening a domiciliary account,,
The other method is saving in dollars with a Fintech app
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We will mention the apps for saving dollars in Nigeria, but first, let’s discuss the dollar domiciliary accounts.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH A DOMICILIARY ACCOUNT
By creating a domiciliary account at any of Nigeria’s commercial banks, you may save money there in dollars.
Having a domiciliary account allows you to receive and transfer funds in foreign currencies, such as US dollars.
Depending on the bank, the processes to open a domiciliary account in Nigeria to be able to save money in dollars are as follows:
- Acquire a reliable form of identity. (Such as a driver’s license, voter identification card, passport, and slip with a NIN).
- Enter any bank branch you choose.
- Request a dollar-based domiciliary account. (A form will be supplied to you to complete).
- Reference form signatures (referees)
- Images in passports
- Document with a valid address (Utility bill)
And that’s it… though it can take some days to have your Dom account set up perfectly
You just have to be patient 🤒
LIST OF APPS FOR SAVING IN DOLLARS IN NIGERIA
Saving in dollars with Nigerian banks is possible via a domiciliary account.
But you could feel overwhelmed by the stress involved in creating this account and the cost of upkeep.
A small number of Nigerian banks presently convert dollars into naira.
As a result, this condition forces you to obtain money through the uncontrolled “black market” (Abokis), which can be costly and unsafe.
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Therefore, the best alternative to help you save in dollars in Nigeria is using fintech apps.
Do you want to discover the best and most highly trusted fintech apps that allow you to save in dollars in Nigeria?
Keep reading…
You might need to first download the app from the Google Play Store before using any fintech software that lets users save money in dollars.
Following that, you must register with valid information, add funds to your wallet, and then change the currency in your wallet to dollars.
Thankfully, unlike when creating a domiciliary account in Nigeria, you can do all of these without leaving your house.
So which Fintech apps can convert naira to dollars, SAVE, convert back to naira, and withdraw straight to your bank account at any time you desire?
We’ll be doing justice to that right here
Yes, there are bunch of apps, surrounding on the internet..
We will ONLY introduce the best and highly trusted and secured Fintech apps for saving in dollars in Nigeria
Now Let’s get started!!
HOW TO SAVE IN DOLLARS IN NIGERIA ON BINANCE
Binance is the largest cryptocurrency exchange platform in the world, with almost 30 million users worldwide.
The largest cryptocurrency trading site, Binance, goes beyond what is often considered an exchange.
The platform helps store and trade various coins.
To utilize your savings, you may choose from a variety of US Dollar proportionate coins.
You may hold a number of USD currencies on Binance, including USDT, USDC, and BUSD.
Despite the fact that Binance doesn’t offer a direct naira deposit option,
Nigerians still use Binance’s secure P2P trading platform to connect with other Nigerians who want to sell and purchase dollar coins using naira.
You may choose from a variety of traders, but it’s important that you follow Binance’s P2P rules for your financial security.
PROS
- Prevents the depreciation of your naira.
- Converts your naira to any coin, including Shiba, Shiba, and Bitcoin.
- Very swift buying and selling process
- Very low transaction fees
CONS
Your naira debit cards do not support direct deposits.
Claim $100 worth of USDT, Right here on Binance.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH PIGGYVEST
Piggyvest is one of the largest online savings and investment platforms in Nigeria.
It is a savings software that enables users to save money in both dollars and naira.
To save in dollars on PiggyVest, you must first load your piggy flex naira account before converting it to dollars.
Additionally, Piggyvest offers an interest return on your dollar savings of up to 7% annually.
By clicking here, you may establish a Piggyvest account. Then, fill out all the relevant information, including your BVN.
FEATURES:
Piggy Bank Wallet: for regular savings or transactions.
Target Savings: This allows you to set a particular amount goal.
Safe Lock: This enables you to lock away your funds for a fixed period.
Flex Dollar: Allows you to save and transfer and invest in dollars
PROS:
- Utilization is simple.
- Excellent annual interest rate (up to 7% in dollars and 15% in naira).
- If you have a domiciliary account, it’s simple to move money there.
- Presents chances for investment.
Con:
Payments are taken at the time of transfer or conversion.
Note: To save in dollars with Piggyvest, you will first fund your naira accounts and then convert them to dollars on your Flex dollar account.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH QUIDAX
Quidax is a cryptocurrency exchange platform that enables users to trade and manage digital assets, with its business base operated in Nigeria.
Like Binance, Quidax provides a variety of cryptocurrency services such as fast buy/sell, cryptocurrency exchange, etc.
With Quidax, you may save USD for as little as $5 or 5000 Naira and earn up to 10% in yearly interest.
Your interest payments are made daily.
You can save an unlimited amount of money.
If you currently hold cryptocurrency, you may exchange it for US Dollars as well!
There are several options for saving two dollars at Quidax:
FLEXIBLE SAVINGS:
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You may deposit money in dollars (USD) and receive interest every day with the flexibility to withdraw it whenever you choose.
Flexible savings have an annual interest rate of 7%.
FIXED SAVINGS:
Your money is safely locked up for a while earning a greater interest.
This money won’t be available for withdrawal until the lock period is up.
10% is the yearly interest rate on fixed savings.
Here is a detailed analysis of Quidax’s interest in savings:
- 1.64% interest when you lock for 60 days
- 2.47% interest when you lock for 90 days
- 4.93% interest when you lock for 180 days
- 7.40% interest when you lock for 279 days
- 10% interest when you lock for 364 days
All you need to do to begin using USD Savings is:
Open a Quidax account.
Fill up your Quidax wallet with Naira or cryptocurrency.
Change your naira or cryptocurrency for USD in your USD wallet.
Choose “Save” —> “USD Savings” —> “Start saving”
Choose between fixed and flexible plans.
You would have to decide how long you wanted to save if you chose fixed savings.
After entering your desired USD savings, select “Continue.”
Other Deposit Options:
Quidax allows Nigerians to deposit and withdraw money in a variety of methods.
Use these techniques to add money to your wallet and withdraw money:
PROS:
other direct deposit alternatives, such as On Quidax, you may make deposits through Qdirect, the Pocket App, vouchers, etc.
CONS:
Trustpilot evaluations are 3.5 stars, thus it is not yet advisable to trade or save in large amounts.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH COWRYWISE
Cowrywise is recommended and it is as good as Piggyvest.
You may plan, save, and invest your money in dollars using Cowrywise.
You can also use the app to maintain your financial security, invest, and increase your savings.
FEATURES:
Regular savings: with the option to withdraw your savings whenever you want.
Halal Savings: designed for Muslims who don’t want to earn interest on their savings. (It is an interest-free saving plan).
Saving Circle: saving targets like a saving challenge
PROS:
- Opportunities for investment.
- Service Advisory for Free
- Simple to use
- Bonds, property, stocks, and Treasury Bills are all available for investment by a variety of investors.
CONS:
The interest rate fluctuates occasionally.
HOW TO SAVE IN DOLLARS IN NIGERIA ON BUNDLE AFRICA
Another Crypto wallet for storing cryptocurrency is called Bundle Africa.
With Bundle Africa, you may save using a variety of cryptocurrencies, including BUSD (a stablecoin pegged to USD).
You may even save as little as 1 BUSD, or $1, and receive up to 6% in yearly interest.
PROS:
- Utilization is simple.
- 6% yearly interest maximum.
- Through their safe P2P exchange system, funding is simple.
CONS:
The fixed BUSD plan cannot be terminated before the due date.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH COWDYVEST
CowdyVest is also one of the best apps for saving dollars in Nigeria.
FEATURES
Flex Savings: This lets you deposit money and retrieve it whenever you choose.
Flex Dollar: lets you choose your own terms for saving money.
Vault: allows you to lock your money in a fixed number of months and earn interest.
Pace: set and meet saving targets.
HOW TO SAVE IN DOLLARS IN NIGERIA WITH MUNA
We now rank Muna as one of Nigeria’s top fintech applications for storing naira in cryptocurrencies linked to the USD.
Additionally, the app offers compound interest of up to 15% annually.
The Muna app is a cryptocurrency wallet that supports a wide variety of stable currencies.
Muna introduces an asset known as USDN… You can always count on the value of one USDN to be the same as 1 USD.
Due to this viewpoint, Muna users can utilize USDN to avoid spending US money.
PROS:
- To maintain value across different bitcoin coin types
- 15% a year in interest.
- Offers four fixed savings programs and one flexible plan.
- Protection against the naira’s decline
CONS:
There is a 3% cost for each withdrawal from locked plans.
THE BEST WAY TO SAVE IN DOLLARS IN NIGERIA
The best way I highly recommend to save in dollars is by using the Binance Exchange App
Binance is the world’s number one App for finance.
Buying USDT via Binance p2p is more secure than other fintech apps listed above
With Binance, you can buy, store and even sell USDT in just 2 minutes
Click here to see how we Buy and Sell any coin on Binance in a few minutes.
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DISADVANTAGE OF SAVING IN YOUR LOCAL CURRENCY
There are many reasons why many people prefer to hold US dollars to local currencies when saving, some of which are as follows:
Inflation’s Effects:
Simply said, inflation is a measurement of how quickly the cost of goods and services are growing in an economy.
Most local currencies often succumb to the impacts of inflation more than the US dollar does.
Most local currencies have declined far more than the US dollar as a result of the current global recession experienced by many governments and businesses.
As a result, if you held or saved your money in US dollars during the inflation,
There is a greater likelihood that you won’t be significantly impacted.
The US dollar is still holding strong, and at one time it even reached the same rate as the euro, despite the global inflation that is being experienced, including the most recent collapse of England’s pound.
Unregulated Money Supply:
Some nations produce their local currency so often that its value starts to decline, which causes economic issues.
It should be remembered that in basic economics, a commodity or item starts to lose value when it is widely available.
As a result, some governments do not control the number of their local currencies in use.
Contrary to the US dollar, this can cause hyperinflation, which can cause economic problems.
Some countries make sure that the number of US dollars in circulation is controlled and that not a lot is printed outside of their strong economy at a given time.
WEBSITES TO KNOW THE CURRENT EXCHANGE RATE IN NIGERIA
In Nigeria, the term “Foreign Exchange” is highly common, especially among businesspeople and tourists.
Nigeria has one of the largest foreign exchange markets in Africa relative to its population.
The Autonomous Foreign Exchange Market (AFEM), established by the Central Bank of Nigeria (CBN) in 1995, allows the CBN to sell foreign currency to end-users at a market-determined exchange rate through a restricted group of approved dealers.
Thousands of Nigerians look to swap goods and services on a regular basis for a variety of reasons.
It is crucial for Nigerians to have firsthand knowledge of the currency rates across several marketplaces due to the market’s volatility.
The list of Nigerian exchange hubs for dollars or naira to dollars is shown below.
HOW TO SAVE IN DOLLARS IN NIGERIA – CONCLUSION
As you have seen, there are several reasons to save and earn dollars in Nigeria.
Profit-making, inflation protection, stability, and many more perks are just a few of the positives.
The most convenient choice for the majority of non-Americans looking to save money in dollars is to purchase Tether (USDT).
It is a stablecoin backed by the US dollar that is simple to purchase on a reliable exchange platform like Binance.
You have a fantastic and simple opportunity in your finances with these fintech applications to save money in dollars.
But then, You must still decide what is best for you.
Currently, I use and recommend Piggyvest because they have one of the best interest rates and offer a secure and fast funding method.
I also use Binance, not to only save dollars in Nigeria, but to carry out transactions that have to do with crypto.
Go here ==> If you’re interested in earning dollars with crypto
Now you have seen 8 ways you can save in dollars in Nigeria
Which of these ways do you prefer to use to save in dollars?
If you already save in dollars, then you must be smart
Let us know how you do it in the comment section below, so we can all learn from you 👌
Love ya…
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