Saving money is a wonderful approach to safeguard your financial future. Saving cash, though, might be counterproductive if the currency you are using to do so is depreciating. Sadly, this is the state of the Nigerian currency at the moment (naira). Many people are looking to save in more valued currencies as the value of the Nigerian Naira is rapidly decreasing. Given that it is one of the most valuable currencies in the world, the US dollar is an excellent choice. Everyone must understand how to save money in dollars in Nigeria to prevent currency depreciation. As a Nigerian, you should surely save in dollars.
What are the best ways to save dollars?
There are two legal ways to save money in dollars in Nigeria, which you should be aware of before learning. They consist of:
1. Using A Domiciliary Account
An exclusive kind of bank account called a “domiciliary account” permits you to receive and deposit payments in foreign currencies. Several international currencies, including US dollars, are included in this.
However, because banks typically require referrals and other documentation, opening this account can be rather challenging. Additionally, the stress that comes with the opening process can put you off.
2. Fintech App
This post will teach you how to use a FinTech app as yet another effective strategy to save money. FinTech applications basically function as dollar platforms that let you save money in dollars and even other currencies.
You only need to download the app and register in order to get started.
Here are the top 5 apps for Nigerians to save money in dollars:
3. Bundle Africa
Using this trustworthy cryptocurrency wallet, you may save money in cryptocurrencies and receive up to 6% in annual interest. In essence, Bundle Africa gives you the option to save in a variety of stable cryptocurrencies, including BUSD.
4. Crowdyvest
Another useful tool for saving money in Nigeria is Crowdyvest. This software offers up to a 15% yearly interest rate in exchange for your money. In essence, they want to develop financial solutions for Nigerians devoted to financial independence.
5. Piggyvest
One of the largest online investment and savings platforms in Nigeria is called Piggyvest. In essence, it’s a savings software that lets you save money in both dollars and naira while also earning up to 7% interest. You must first fund the naira account you made on piggy flex in order to start saving in dollars. You can then convert it to US dollars. To get started, simply download the Piggyvest app from the App Store or Google Play Store.
6. Cowrywise
On this platform, interest rates occasionally change. The Piggyvest savings app is superior to this one, though. In essence, Cowrywise enables you to budget, save, and invest your money in US dollars. You may monitor, invest, and create your dollar savings with the help of this software.
7. Muna
Muna software is a cryptocurrency wallet that lets you store a variety of stable digital currencies, including Bitcoin, USDN, Waves, and others. You can get up to 15% interest per year in exchange. Until you take your money out, you receive daily interest payments.
Summary
Saving money in dollars in Nigeria is simple because there are reliable fintech apps that can assist. All you have to do is choose the app that best suits your needs. Basically, depending on which option you prefer, you can choose to save via a standard dollar-saving app or a cryptocurrency-saving app.
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Source: Nyscinfo