Updated on October 1, 2023
In an era where Nigeria’s economy faces turbulent waves of uncertainty, the quest to save in dollars in Nigeria becomes more than a financial choice; it’s a necessity. The nation’s economic woes, perpetuated by its overreliance on oil and the global rollercoaster of oil prices, have dealt a heavy blow to the Nigerian Naira. And it seems the storm clouds won’t be lifting anytime soon.
Why, you might ask, should you consider saving in dollars? The answer lies in the relentless devaluation of the Naira, a bitter consequence of Nigeria’s inability to balance its trade scales. As the Naira struggles to keep its value amidst inflation, the dollar emerges as a sturdy fortress of wealth preservation.
In a nation where imports reign supreme, businesses frequently find themselves settling their bills in foreign currencies, predominantly the almighty US Dollar. This economic backdrop sets the stage for a compelling financial journey – the quest to save in dollars in Nigeria. Buckle up; we’re about to explore the path to financial resilience in the face of economic uncertainty.
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How to Save in Dollars in Nigeria
There are only a couple of ways you can save dollars in Nigeria:
- Domiciliary account
- Piggyvest Flex Dollar Account
- Bundle Africa Vault
- Sats App
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1. 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, Voter’s 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.
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2. 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.
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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. 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. Sats App
The Sats App is a digital dollar wallet for Nigerians that allows them to reliably spend online with a virtual dollar card, save in dollars, securely transfer money and have a chance to win some cool cash prizes every week all in one. The longer you keep your money in your Sats App wallet, the more chances you have to win some neat prizes. It could be as small as 5 bucks or as grand as a thousand dollars – every week brings a new opportunity to win
You can download the Sats app and set up your digital dollar wallet, and you’re good to start saving in dollars in Nigeria using the Sats App.
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 Grip, which allows you to move your crypto (stablecoins) and fiat(dollar or Naira freely).
Why & How to Save Naira in Dollars in Nigeria?
As the Naira continues to devalue 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.
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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.