Saving is an excellent method to ensure your financial future. Saving money, on the other hand, can backfire if the currency in which you are saving is losing value. Unfortunately, this is the Nigerian currency’s current state (naira). Because the Nigerian Naira is rapidly losing value, many people are attempting to save in more valued currencies. The US dollar is a good choice because it is one of the world’s most valuable currencies. To avoid currency depreciation, everyone in Nigeria must learn how to save money in dollars. Saving in US dollars as a Nigerian is an excellent idea.
How Can I Make Dollar Savings?
Before you learn how to save money in dollars in Nigeria, you should be aware that there are two legal ways to do it. They are as follows:
1. Making Use of a Domiciliary Account
A domiciliary account is a type of bank account that allows you to receive and deposit foreign currency payments. This contains a wide range of foreign currencies, including US dollars.
This account, however, is rather difficult to open because banks typically require referrals and other documentation. Furthermore, the stress of the opening process may discourage you.
2. Using a Fintech App
Using a fintech app is another good way to save in dollars and this is the information you will learn in this article. Basically, fintech apps are like dollar platforms that enable you to save your money in dollars and even other currencies.
All you need to do is just to download the app and register, then you are good to go.
Top 5 Best Apps to Save Money in Dollars Nigeria 2022
Here are the top 5 best apps to help you save money in dollars as a Nigerian:
Muna app is a crypto wallet that enables you to save in numerous stable digital coins, such as Bitcoin, USDN, Waves, etc. In return, you receive up to 15% interest annually. You get your interest rewards daily until you withdraw your money.
Piggyvest is one of Nigeria’s biggest online savings and investment platforms. Basically, it is a savings app that allows you to save in both dollars and naira and earn up to 7% interest on your savings. To save in dollars, you need to start by funding the naira account you created on piggy flex. After that, you can convert it to dollars. Just download the Piggyvest app from Google Play Store or the App Store to begin.
The interest rate on this platform fluctuates from time to time. However, this app is just as good as the Piggyvest savings app. Basically, Cowrywise allows you to plan, save, as well as invest your funds in dollars. This app allows you to create your dollar savings, invest your money, and manage it.
4. Bundle Africa
This is another good crypto wallet that allows you to save in cryptocurrency and earn up to 6% interest on your savings annually. Basically, Bundle Africa permits you to save in various stable cryptocurrencies, including BUSD.
Crowdyvest is another good app for saving dollars in Nigeria. In return for your savings, this app offers up to a 15% interest rate annually. Basically, they aim to create financial solutions for Nigerians who are committed to financial freedom.
Learning how to save money in Dollars in Nigeria is easy as there are legit fintech apps that can help. All you need to do is to find the most suitable app for you. Basically, you can decide to save using a regular dollar saving app or a crypto saving app, depending on which one you prefer.