Globally, currencies sometimes experience value fluctuation. However, due to severe economic issues, Nigeria’s naira has incessantly experienced more critical depreciation than subtle fluctuations. This consistent devaluation makes it frustrating to save in naira. Because while you work so hard, you may have to watch your “savings” deplete without spending it. Therefore, it’s understandable for you to seek ways to save in dollars in Nigeria. 

One of the widely recognised legal tenders is the US dollar. The currency is arguably solid and stable compared to any African money. Therefore, conserving the value of your earnings with US dollars is an excellent idea, considering the bleak possibility of the naira levelling up anytime soon. 

Saving in dollars with Nigerian banks is possible via a domiciliary account. However, the bureaucracies of opening this account and the expense of maintenance may stress you out. Meanwhile, no Nigerian bank currently exchanges dollars for naira. Therefore,  this  clause leaves you to source dollars from the unregulated “black market”, which can be draining.

Therefore, the alternative to help you save in dollars in Nigeria is using fintech apps. In subsequent parts of this piece, we’ll highlight fintech apps that allow you to save naira in dollars. Additionally, we’ll pinpoint the pros and cons of using each app.

Fintech apps to save in dollars in Nigeria

Any fintech app that allows users to save in dollars may require you first download the app from the Google Play Store. Afterwards, you’re to provide accurate information during registration, add money to your wallet, and then convert your wallet’s currency to dollars. 

Thankfully, you can complete all of these without leaving your home. These fintech dollar-saving apps are enumerated below.

Piggyvest


Piggyvest is a popular Nigerian online investing and savings website. It’s a mobile savings app that supports US dollars and Nigerian naira. If you want to save in dollars, you’ll need to open a piggy flex account in Nigerian naira and transfer the funds there. 

In addition, your dollar savings can earn up to 7% interest yearly with Piggyvest. If you’re interested in opening a Piggyvest account, download their app or visit their website. Then fill out the form completely, including your BVN.

Pros

Beautiful UI and UX

Competitive annual interest rate of up to 15% in naira and 7% in USD

Simple wire transfer of dollars to your domiciliary bank account

Platform for financial gain

Cons

Charges a whopping $20 to transfer to a domiciliary account

Sometimes, USD isn’t available for purchase

Bundle Africa


This platform is a crypto wallet. Bundle Africa accepts a variety of cryptocurrencies for purchases, including BUSD, a stablecoin pegged to USD. And regardless of the amount you save, you can earn a 6% interest yearly.

Pros

Interest rates of up to 6% per year

Fast and safe financing thanks to their P2P money transfer system

Easy to use

Cons

Doesn’t allow for early withdrawal outside payment date

Cowrywise




This app is similar to Piggyvest, considering their offerings. You may use Cowrywise to budget, save, and invest your hard-earned cash in dollars. However, the interest rate here isn’t fixed. 

Pros

Allows you to save consistently

For Muslims, it allows Halal savings, a savings plan that doesn’t offer interest

Free consultation services

Easy and quick use

Cons

The interest rate is not fixed.

Muna


Currently, Muna lists as one of Nigeria’s best apps for saving naira in dollar-related cryptocurrencies. In addition, the app gives you compounding interest of up to 15% every year.

The Muna app is a cryptocurrency wallet that supports a wide variety of stable currencies. You can always count on the value of one USDN to be the same as one USD. This stance means Muna users may use USDN to save US dollars. 

Pros

To store value in various cryptocurrency coin types

15% yearly interest rate.  

Provides 4 locked savings plans and a flexible one

Protection from naira depreciation

Cons

Every withdrawal from locked plans attracts a 3% fee.

Binance Exchange


Binance is a major cryptocurrency trading platform that goes beyond the typical definition of an exchange. The platform is useful for storing various coins.

You may pick from various US Dollar proportional coins to use in your savings.

Some of the USD coins you may store on Binance include USDT, USDC, and BUSD.

Despite the lack of a direct deposit option, Nigerians may simply fill their Binance accounts by connecting with other Nigerians interested in selling and buying, using Binance’s safe P2P trading method.

You may pick from various traders, but adhering to Binance’s P2P guidelines for your financial security is essential.

Pros

Save your naira from devaluation

Cons

The registration process can be challenging as you have to take gestured pictures at some point

You can’t purchase the coins directly from Binance

Final Thoughts

These are the top fintech apps that allow you to save in dollars in Nigeria.  Additionally, they offer you a fantastic and simple chance to improve your financial situation. Therefore, it’s on you to figure out which works best for you

Source: Tech Cabal

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Copyright Digital Bimpe (Pereira Oluwa Bimpe) , Daily Focus 247

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Your Bank will explain better Sir

Blackoven:
Hello Ma @ Wordsfrombimpe,

Please I need explanation on international transfer, I'm a greenhorn regarding it.

A relative sent some funds to me from the US via Ria. I provided my local bank account to the person.

My Question is:
Please how long does it usually takes to reflect?

Also, will the amount reflect on the account (its not a domiciliary account) or will I have to got to the counter to collect the USD?

Because, I went to the bank's FX counter today, wanting to get the funds. But I was told that the PIN is invalid, though the fund has been successfully sent over there.

Thanks as you help me clarify it.

Please the Muna App. If I buy at 755 now and I want to sell later, will they sell at 755 still or will they reduce it by 10naira and sell at 745?