With the recent trends, it has become obvious that how to save and grow your Naira in Dollars and other stronger currencies is eminent. And in this post, I will teach you how to save your Naira in Dollars using a fintech application called Piggyvest.
And in this case, the Piggyvest Flex Dollars as one of the features that help you save your Naira in another currency, and also help you earn a certain interest.
All you need to do is follow the guides illustrated here properly, and you are on your way to living above the constant devaluation of Naira.
You can also Read: Reasons why You Need to Save Naira in Dollars
Piggyvest Savings Feature to Convert Naira to Dollars and Grow via Savings
Piggyvest is to give you the power to better manage your finances with ease. One of the key elements in wealth management is preserving (and growing) the value of your savings. In simple terms, this means not losing value on your savings.
The feature is called PiggyVest Flex Dollar but to use this app, you need to download, register with a credit card and bank details, and then access the FLEX Dollar.
I divided this tutorial into three stages, to help you complete the registration and start automating your savings.
Step One: Download the App
The First thing you need to do is to download PiggyVest here and complete your registration. You can also learn how to refer users to this platform and earn referral bonuses. And to help me earn you can use #asali as your referee. Or simply click here to download the app from your Mobile Store.
Now, you will complete your registration with your credit Card and Banking Details.
- Link their BVN and Credit Card (while doing this, you will fund your Naira Flex Account with at least N100 (100 Naira) via a direct bank transfer to their flex account number. I can remember this could be donw with the credit card you’re linking.
- Then, Fund any other two wallets with at least #1000 each. This could be Piggybank, Safelock, or Target savings wallet.
When these have been carried out, you can proceed with the savings with PiggyVest Flex Dollar.
Save Naira in Dollars Using Flex Dollar
This feature is known as Flex Dollar allows you to save in dollars so you can beat currency devaluation and inflation rates.
Saving with this platform means that you’re able to preserve the value of your savings. Further depreciation of Naira will have no direct effect on the value of your money.
With Flex Dollar, you can convert your naira to dollars instantly from your Flex (naira) wallet or your bank card.
For Your Security
You are also advised to make further findings of this fintech application, and about the authenticity of the app and your savings. But it will interest you to know that Flex Dollar funds are invested in dollar fixed-term investments with Anchoria Asset Management, a division of the VFD group.
Anchoria Asset Management is licensed by The Securities and Exchange Commission (SEC), Nigeria. Their investment products focus on capital preservation while providing income and asset class diversification.
Now I believe that you have installed the Application, and also completed your respiration. If not, check the processes above before proceeding with these simple steps.
First, Tap/click “Flex Dollar” Card
2. Select the Amount of dollars you would like to purchase (you may start with $1 )
3. Select a funding source (Naira debit card or Flex Naira account), and complete the transaction.
Frequently Asked Questions about PiggyVest Flex Dollar Savings and Investment
Users want to know more, and you can also use the comment question to relate your personal questions. The answers below are from the horse’s mouth:
What is the Interest Rate on Flex Dollar?
With this application ( and this savings and investment formula), you earn 5% per annum on your Piggyvest Flex Dollar account. Interest rates are determined by the market behaviour at any given time. Interests are accrued daily but paid monthly (compounded).
Check the image below:
Can I save using my international card or a dollar denominated card?
For now, you can only save using a Naira denominated card.
How do I withdraw from my Flex Dollar account?
You can withdraw in Naira or Dollars. Withdrawing in Naira will be at the stated parallel market buy rate. When withdrawing in Dollars, the funds are sent to your Dollar-denominated Domiciliary bank account. Payment into Domiciliary accounts attracts a small processing fee. You can transfer to another Piggyvest user for free.
You can use the PiggyVest FAQs section to add your own question, or make a comment below: