Stephen GbolagadeIs it really possible to save in US Dollar in Nigeria?
If yes, is it legal and safe? How and where can I start? Those are the questions I’m going to answer in this blog post. But let’s start answering the first question;
Why Should I Save in US Dollar in Nigeria?
Because Nigeria inflation rate is getting worse!
Naira was one of the strongest currencies in the world, even it was once stronger than the famous US Dollar. But now, reverse is the case.
Nigerian Naira (NGN) is becoming one of the weakest (cheapest) currencies in the world.
Although Naira is not among the top 10 weakest in the world for now, but the current state of Naira is not something to be happy about. It’s affecting our cost of living.
For instance;
If you have saved N500,000 in the bank last year (2020) when $1 was N410, it simply means you saved approximately $1,220.
But now in 2021 when a US Dollar is closing at N522, that your N500,000 will now be $958 approximately.
By saving in Naira, you’ve lost about $262 which is equivalent to N136,764.
But you may be thinking that; ehn, I still have the N500,000 I saved since last year till date. Nothing has been deducted.
Yes, you’re right. That N500,000 is still there but let me tell you this;
That your N500,000 is now N363,764 ?
You can calculate that yourself using the US Dollar rate when you saved the money and the current US Dollar rate.
If a plot of land in your area cost N500,000 that last year, how much will it be by now? Probably it will increase to something close to N700,000.
Remember, you can afford to buy that plot of land for N500k last year, but now, you can’t!
Same thing applied to most thing you buy and use at home such as vegetable oil, rice, and so on. The prices are increasing every day.
Why?
Because those industries calculate their prices with respect to US Dollars’ exchange rate.
The price of everything is increasing and Nigeria’s Naira is losing its value, that’s a big disaster and the reason you should learn how to save in US Dollar in Nigeria now!
You should start saving in US Dollar as that will put you on safer side, thereby making money in the process.
ALSO READ: How to Smart Ways to Save Money in Nigeria
The next question you might be curious about is;
Is it legal and Safe to Save in US Dollar in Nigeria?
First, it is 100% legal to save in any type of currency in Nigeria as long as you’re not scamming or engaging in money laundering.
Second, it is safe depending on which platform or how you’re saving your US Dollar in Nigeria.
Now, let’s talk about where and how you can start saving US Dollar in Nigeria.
How to Save in US Dollar in Nigeria (and Earn Money)
1. Piggyvest FLEX Dollar
Piggyvest has been around for a while, and it’s currently the best platform to save money in Nigeria. Although there are other competitors like Cowryrise but Piggyvest seems to be undefeated.
Well, we are not here to praise Piggyvest.
But how can you save in US Dollar in Nigeria with Piggyvest?
It’s simply by using the “Flex Dollar” feature on the platform. Piggyvest’s Flex Dollar lets you save in US Dollars even though you are in Nigeria. Here is how to do it;
How to Save in US Dollar in Nigeria Using Piggyvest
- Click here to Sign up for a new account;
- Verify your email address, phone number (under Account Tab >> Account Setting);
- Add your Debit card(s) linked with your BVN (under Account Tab >> My Cards and Bank Settings);
- Note that Piggyvest will give you a new account number (Go to Account Tab, you’ll see Flex Number by WEMA) copy that number;
- Make transfer from your Bank account to that FLEX number you copied earlier;
- If the transfer was successful, you should see the money in your Piggyvest Balance now (Confirm it)
- If the money is now in your Piggvest account, it’s time to buy the US Dollar;
- Click on SAVINGS on your dashboard, then scroll down to click on Flex Dollar;
- Click on “Save in Dollars”;
- Check the current dollar rate, if it’s okay by you, type in how many DOLLARS you want to buy;
- Then proceed to pay with the Balance in your Piggyvest (the one you transferred earlier) or pay with your ATM Card
That’s how to easily save in US Dollar in Nigeria with Piggyvest.
Here’s a big deal about Piggyvest;
You can make money while you’re saving on Piggyvest by interest, investing or referring your friends to join Piggyvest.
If you join Piggyvest with this link, I will earn N1,000 for referring you, and you’re also earn N1,000 for joining. But you must complete all registrations and start saving money before the money will be released to us.
Now, let’s talk about another way you can save in Dollars in Nigeria;
2. Get a Domiciliary Bank Account
Getting a Domiciliary account in Nigeria is another way to save money in US Dollars.
And also, a double win for you if you will like to receive US Dollars from your family members or clients outside Nigeria.
Getting a domiciliary account in Nigeria is easy but the requirement might be a problem. For instance, some banks require minimum deposit of $100 (N52,000).
That might not be a problem tho, but you MUST bring two current account users of that bank (e.g. GT Bank, Zenith etc.) as referees.
Because of these two current account users, many of us were left with no choice than to give it up.
But oh oh, there’s a solution ?
The solution requires no minimum deposit, and you don’t need to bring any current account user.
Will you like to know?
Well, we rise by lifting others ?
How to Get Free Domiciliary Account in Nigeria
- Open a new account at WEMA Bank;
- Get the ALAT by WEMA app on Google Playstore;
- Login to the ALAT app using your WEMA Bank details;
- On the homepage, click on “Accounts”;
- Then click on “Create Account”;
- Finally, click on “Domiciliary Account”;
- Click on “Proceed” and,
- Your Domiciliary account will be created in less than a minute!
You can maintain maximum of $2,000 on the ALAT’s domiciliary account. If you think you may need more, go to WEMA Bank to lift the limit.
But isn’t that amazing? You can create a DOM account without leaving your house and it’s FREE. People sell this kind of information but to me, sharing is caring. Enjoy!
3. Cryptocurrency (Save in USDT)
Cryptocurrency is a life saver for many of us. Although we may not be trading, but saving in cryptocurrency has been one of the passive ways to make money in Nigeria.
I’m not saying you should that saving in all other type of cryptocurrencies but if you’re looking for another good option to save in US Dollars in Nigeria, then buying and keeping USDT is the best.
What is USDT?
USDT are coins issued by Tether, currently the third largest digital coin.
USDT is just like the US Dollar, but the difference is that;
US Dollars are held by banks and can be transfer between banks to banks, use physically as means of exchange.
But USDT is a stable digital coin tied to US Dollar which can be used as means of exchange between crypto wallets ($1 = 1 USDT).
If you buy 100 USDT, it also means you have $100.
Currently, you can’t buy USDT from any bank (it’s a digital coin like Bitcoin). But you can buy as much as possible of USDT on almost all cryptocurrency exchange platforms.
How to Save in US Dollar in Nigeria with “USDT”
- Use or Get a crypto exchange platform;
I recommend Buycoins, it will be very easy to add funds from your Naira bank account to Buycoins and then buy USDT.
You can use Binance too (the easier one for you).
- On your crypto account, create USDT wallet if it hasn’t been created for you;
- If you are using a Nigerian crypto exchange like Buycoins or Bundle, you can easily buy USDT with your bank account (Kuda, GT, Zenith, FCMB, Access are mostly accepted)
- If you’re using an exchange platform like Binance, you will have to buy the USDT using P2P method (risky) or convert your coins like Bitcoin to USDT (if you have).
- That’s all.
Buying and storing USDT is same as keeping the US Dollars, but can only be done on cryptocurrency wallets.
4. Buy and Sell Foreign Currencies
This is my second-best choice when it comes to saving US Dollars in Nigeria.
All you have to do is to buy foreign currencies from those who want to sell and you keep or sell later. The reason why this is a good option is because you’ll be saving money and at the same time earn money.
Let’s say you bought $100 at the rate of N450 per dollar, that means you spent N45,000 to buy that dollars.
But later, you might sell the $100 at the rate of N470 or even N510 per dollar, that is N47,000 or N51,000… You used a stone to kill two birds; saving in US Dollar and making small profits.
Note that the earning potential here is unlimited, the more you buy, the more the profit.
I’ve once earned over N70k in a day by just buying and selling US Dollars.
This sound like what you like to do, right?
But there’s a problem.
You will need all or any of the following payment accounts;
- PayPal
- Skrill
- Payoneer
- Zelle
- CashApp
- Greendot
PayPal is the most famous and widely-used payment gateway in the world, then followed by Payoneer.
You can get Payoneer and Skrill in Nigeria without any issue, you need to verify with your real ID and you’re done.
You can also register a PayPal account in Nigeria, but you’re only limited to receiving money. You can’t send or withdraw… such a bad thing!
But what if I show you how to create a PayPal account that can send and receive funds in Nigeria, will that be great? I have a YouTube video where I show people how to do that.
So click here to got to my YouTube channels, (and subscribe please) the video is waiting for you there.
Forget others, you can’t create an account as someone residing in Nigeria (except you do it the criminal ways).
If you have PayPal, Payoneer and Skrill accounts, you can start buying and saving US Dollars in Nigeria (and other foreign currencies like EUROS) and make money in the process.
JUST IN CASE: I buy Payoneer, PayPal and Skrill funds. CONTACT ME if you want to sell $50 minimum.
Conclusion: How to Save in US Dollar in Nigeria
The four different ways explained above are working for me perfectly, and I know it will work for you too.
If you know any other way, we can save in US Dollars, kindly put it in the comment box below and I will check it and maybe update this blog post after testing it.
I know you might skip the paragraph I mentioned that I can teach you how to create a working PayPal account that can send and receive funds in Nigeria. It’s on my YouTube channels, click here to check it out.
If you have any question, please let me know through the comment box below and I will reply as soon as possible.
But this article might be helpful to someone else, don’t you think so?
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Thanks for reading.
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Stephen Gbolagade
