How to Save in Dollars in Nigeria in 2022

Since Nigeria’s currency (NAIRA) value is depreciating and has loose value in the exchange market, saving in USD is the best option because it will help you overcome currency devaluation and inflation rate. So if you are willing to save in dollars and you don’t know the best way to start saving, don’t panic. In this blog post, I have listed and explained the best way and the safest way to save your money in dollars here in Nigeria.

How to Save in Dollars in Nigeria

This guide explained three ways to save your convert and save your naira fund to dollars and earn interest. With this method, you will be free from currency devaluation and inflation. Explore the trio ways below to start saving your money in dollars.

Domiciliary Accounts

One of the easiest and safest ways to save money in dollars is by opening a domiciliary bank account in Nigeria. It is a type of bank account that allows you to save, receive and send your fund in USD without worrying about the exchange.

When you save in dollars, you receive interest, and you will be able to withdraw your funds in real USD as cash. To successfully create a domiciliary account in Nigeria bank, you must provide a valid Driver’s license, voter’s card, International Passport, and NIN Card, two active references, passport, valid address documents, and $50 as the first deposit amount.

PiggyVest Flex dollars Savings

Piggyvest is generally a saving app with a fantastic feature that allows you to save in flex dollars wallet. It is a digital banking platform, and its activities are insured by NIDC and licensed by the CBN. When you save your money on flex dollars, you are bound to earn 7% per annum, and you can withdraw your dollar funds at any time. The minimum amount of funds you can save on flex dollar is $1, while the maximum is unlimited.

When using the flex dollar, you have two options for deposit and withdrawing funds from your wallet; you can send your money directly to flex naira or directly to your bank domiciliary account.

Trading Cryptocurrency

Cryptocurrency saving is one of the most significant and most common ways of investing money in dollars. It is a blockchain technology that makes you earn a high profit on your savings if the price of a currency goes up. Type of cryptocurrency you can invest in include USDT, BTC, ETH, TRON, XRP, LTC, and a lot more with high value. Digital wallet companies like Luno, Coinbase, and Patricia have a feature that allows you to buy a coin in dollars, invest it, and receive interest from it monthly.

Bundle Africa Vault (BUSD)

The bundle is another platform that allows you to save your money in dollars. When you save in dollars with bundle vault, you will earn up to 5.7% interest. One of the amazing parts of this great platform is that it allows you to save your fund and withdraw without any obstacle, and it also gives the opportunity to lock you BUSD for long days. To learn more about how BUSD work, kindly visit their website or download their app.

Cowrywise dollar investment

Cowrywise is another excellent platform to save and invest your money in dollars. It is similar to the piggyvest we mention above, but there is a difference between them. With cowrywise you don’t just save in dollars but invest in foreign stocks and earn interest on your money. When you invest on cowrywise, your money is secured and can be withdrawn anytime you wish to. So to get started with cowrywise, download their app or visit their website to learn about their dollar-saving opportunity.

In conclusion, saving in dollars and its benefit has been discussed in the article above. The best method to save without losing a dime has been listed, and its usage has been explained. Instead of leaving your funds in naira and allowing them to devalue, investing in USD is the best option and the best way to earn from your hard-earned money. So if you are willing to save your money in USD, you can start by using this method of saving. If you have a question, kindly use the comment box below to receive a quick response.

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