Last Updated on February 17, 2023
More and more people are seeking different ways to save in dollars in Nigeria. All because of the country’s economic problems.
The problems exist because of Nigeria’s inability to diversify its economy and its over-dependence on oil. And with the drop in oil prices globally, there has brought enormous pressure on the Nigerian Naira.
With all the insecurity ravaging the country, add to this the economic downturn. It doesn’t seem like things are going to get better for Nigeria or its currency anytime soon.
See: Best Apps to Send Money to Nigeria from USA, UK & Canda
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Why you should Save in Dollars
As the Naira continues to get devalued due to the country’s inability to increase its exports to match the value of its imports, the naira will continue to lose value against the dollar.
Which makes the dollar a better store of value than the Naira.
In essence for your hard-earned money not to be made worthless by inflation. It’s better to store it in dollars to keep its worth intact for the future.
Checkout: How to Receive Dollars in Nigeria
Because Nigeria produces and manufactures little to nothing, most businesses in Nigeria have to import whatever product they want to trade. And they tend to pay in foreign currencies of cost with the US Dollar being the prime example.
How to Save in Dollars in Nigeria
There are only a couple of ways you can save in dollars in Nigeria. They are:
- Domiciliary account
- Piggyvest Flex Dollar Account
- Bundle Africa Vault
Also See: Best Saving Platforms in Nigeria
1. Save in Dollars in Nigeria with a Domiciliary Account
You can save in dollars in Nigeria by opening a domiciliary account in any of the commercial banks in Nigeria.
A domiciliary account is a type of bank account that you can use to receive and make payments in foreign currencies, like US dollars.
To create a domiciliary account in Nigeria to be able to save in dollars you’ll need to take the following steps depending on the bank:
- Get an acceptable means of identification. Like Driver’s license, Voters card, International Passport and NIN Card/Slip.
- Enter any bank branch of your choice.
- Request for a domiciliary account in dollars. You’ll be given a form to fill out.
- Signed forms from References(referees)
- Passport photos
- Valid Address document (Utility bill)
A domiciliary account in Nigeria usually comes with a chequebook and a domiciliary account ATM.
Also See: How to Apply for a US Visa in Nigeria
2. Save in Dollars on Piggyvest Flex Dollar Account
Because of the inflation the Nigerian economy is facing and how it is badly affecting the Naira. The best thing to do is put your savings in foreign currencies like the US Dollar. This will greatly reduce the risk of your money losing value over time.
With the Piggyvest app, you can easily save in dollars and beat the inflation affecting the naira with its Flex Dollar feature. You can easily withdraw your money anytime as well.
Piggyvest also allows you to earn 5% interest per annum on your dollar savings. The interest is paid out monthly to your Flex Dollar account.
3. How to Save in Dollars using Bundle Africa Vault
Bundle Africa or Bundle allows Nigerians to buy, sell and convert cryptocurrencies like Bitcoin, Ether, BUSD, BNB, Chainlink and TRON cryptocurrency. And also send and receive cash and also save in dollars in Nigeria. Using a debit card, bank transfer or crypto.
The Bundle Vault option allows you to save in dollars or in this case BUSD. This is a US-regulated stablecoin and is backed by UD Dollar. BUSD is used in the crypto ecosystem as a faster way to fund trades.
1 BUSD = $1.00 USD.
Bundle vault allows you to Save BUSD and get up to 5.7% interest. You can save as regularly as you like and withdraw anytime. To earn higher interest or returns lock your BUSD for 7 days You can withdraw cash from your bundle app into your bank account.
4. Save in Dollars Using Stablecoins
Stablecoins are a great option for you to invest or save in dollars in Nigeria. Some good stablecoins are USDT, USDC and BUSD.
You can start saving in dollars using stablecoins by using P2P crypto exchanges in Nigeria like Binance and Paxful. Another Great option is to use a crypto payment app like Lazerpay, which allows you to move your crypto (stablecoins) and fiat(dollar or Naira freely).
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