How to Save Naira in Dollars

How to Save Naira in Dollars

How to Save Naira in Dollars.

Legal tenders (or currencies) occasionally have value changes. The Naira is no different, as it also goes through these oscillations.

But rather than the expected mild swings, the Naira has undergone a much more significant decline as a result of Nigeria’s serious economic problems.

It is challenging to save with the naira due to the persistent devaluation of the currency because even if you work hard and earn a lot of money, you risk losing a lot of money because the naira’s value depreciates rather than increases.

Also read this: How to make a student budget and not go broke.

Since the dollar is a stable currency with few swings, it makes sense that Nigerians would seek for ways to save their Naira in dollars.

Opening a domiciliary account is one of the well-known ways to save money in dollars in Nigeria, but the procedures involved in setting up and managing one can be challenging.

How can I save in dollars in Nigeria?

By opening a local account at any of Nigeria’s commercial banks, you can save money there in dollars. Having a domiciliary account allows you to receive and transfer funds in foreign currencies, such as US dollars.

Can I save in dollars on Piggyvest?

Piggyvest is a well-known online savings and investing platform in Nigeria. This mobile app for saving money accepts both US dollars and Nigerian naira. Open a piggy flex account in Nigerian naira and transfer the money there if you want to save in dollars.

Which app can I use to change naira to dollar?

The airtime that has accrued from conversion is converted by Cashbudy into mobile data, which is then purchased by customers and businesses at prices that are significantly lower than those charged by telcos. With the greatest exchange rates, you can rapidly send and receive money from anywhere in the world, as well as convert Naira to dollars.

Although a domiciliary account can be used to save money in dollars, many people prefer fintech applications because the setup processes are frequently less stressful and take little time at all.

Fintech apps for saving Naira in Dollars | How to Save Naira in Dollars

How to Save Naira in Dollars
How to Save Naira in Dollars

In this guide, I’ll be teaching you how to save dollars using those fintech apps.

  1. Piggyvest.
  2. Bundle Africa.
  3. Cowrywise.
  4. Muna.
  5. Binance Exchange.

Piggyvest:

A well-known online investing and saving app in Nigeria is called Piggyvest. Nigerian naira and US dollars are supported by the mobile savings app Piggyvest.

Create a Piggyvest flex account in naira and transfer the desired amount of money if you wish to save in dollars.

With Piggyvest, you may save money in dollars while still earning up to 7% interest annually.

Pros:

  • UI & UX that are lovely.
  • simple wire transfer of money into your bank account at home.
  • Up to 7% in USD and 15% in naira are offered as competitive annual interest rates.
  • a venue for monetary gain.

Cons:

  • $20 is added when money is transferred to a domestic account.
  • It’s not always possible to buy USD.

Bundle Africa:

BUSD, a stablecoin tied to the USD, is one of the cryptocurrencies that Bundle Africa accepts for use in transactions. The amazing thing about using Bundle Africa is that you may earn up to 6% interest annually regardless of how much you plan to invest.

Also read this: Best side hustle business ideas for Nigerian students.

Pros:

  • A peer-to-peer (P2P) money transfer technology that enables quick and secure financing.
  • A yearly interest rate of up to 6%.
  • Simple to use

Cons:

  • Outside of the payment date, withdrawals are not permitted.

Cowrywise:

You can compare Piggyvest and Cowrywise’s offers to see how comparable they are. The Cowrywise app allows you to set a budget and invest your money in US dollars.

Contrary to Piggyvest and Bundle Africa, Cowrywise’s interest rate isn’t fixed, which has the potential to be both a pro and a con as you could end up with greater or lower interest rates.

Pros:

  • It enables ongoing saving.
  • Muslims are permitted to use the interest-free Halal savings plan.
  • Quick and simple to use.
  • Services for free consultations.

Cons:

  • no interest rate that is fixed.

Muna:

One of the top apps in Nigeria right now for storing naira in cryptocurrency related to dollars is Muna. This software not only encourages you to save, but it also offers you up to 15% a year in compound interest.

Similar to Bundle Africa, the Muna app is a bitcoin wallet that accepts a large number of stable currencies.

Pros:

  • Spend less on various cryptocurrencies.
  • offers a flexible savings plan with four locks.
  • a yearly interest rate of up to 15%.

Cons:

  • Every withdrawal from locked plans will incur a 3% cost.

Binance Exchange:

One of the most popular bitcoin trading platforms is Binance. Users can store several kinds of cryptocurrency coins using this platform.

By selecting any coin that is proportional to US dollars on Binance, you can begin saving money in US dollars. Therefore, USDT, BUSD, and USDC are the coins you use to store USD.

Also read this: NYSC registration requirements for married women.

Although you can’t deposit money into your account directly, it includes a P2P mechanism that essentially performs the same function.

By establishing connections with other Nigerians interested in buying and trading cryptocurrencies, you can fund your account. Additionally, by offering your saved cryptocurrency to other individuals who are interested, you can withdraw your money.

Be sure to follow Binance P2P rules to avoid being conned.

Pros:

  • You can save your dollar currency.

Cons:

  • The coins cannot be bought directly via Binance.
  • The registration procedure is a little difficult because it occasionally calls for certain gesture images.

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