There are so many reasons to Save your Naira in Dollars and this post intends to point you to several options.
We would have dwelled so much on these reasons but the recent directive by the Central bank of Nigeria to stop the sale of FX to BDC seems to have already heightened the scarcity of Dollars in some nation’s states.
Recently Naira Metric reported a few reasons why Naira may keep falling, and those gave insight to more reasons call for proactive measures to protect your money.
The two solutions, however, is either to earn more in dollars or to save and invest in dollars using some of the methods that this post will always be updated to offer.
You can as well bookmark this page for future reference. We will continue reviewing trusted options ( banking apps, saving apps, investment platforms, etc) to help you earn in other currencies.
Why should I save my money in dollars?
Frankly speaking, the non-changing Naira devaluation may not even be the only reason why you should Save your Nigerian Naira in Dollars (USD), as businesses and individuals.
Predictions have it that the unproductive nature of your economy and the need to borrow more may continue to force Naira devaluation.
In this case, how do you intend to protect or grow the value of your money? This is why you need to pay rapt attention to the content of this work.
Countless financial reporters and reliable economic teams have always warned against the over-dependency on Oil.
But it has become an uncontrollable reality that several other facts contribute to the rise and easy fall of the country’s Naira.
The study of national economic histories, the implications of exports strengths and central banking systems reveal certain factors behind the continued devaluation of Naira, and other currencies around the world.
Currency devaluation is a deliberate financial adjustment against another currency, carried out by the country’s monetary authority; this is usually done in order to support the export strengths of a country and when the products and services of a national decline in value.
In the case of Naira crashing to dollars (USD) and other currencies, it has become more clear that over-dependency on oil is costing Nigeria more than that, and it’s customary that her currency devaluates to support these declines.
By Definition: devaluation implies measures by monetary institutions, to improve what’s known as the country’s trade balance. This is always done to scale up the export movement of the country in times when lower trade values bring backwardness to the country’s economy.
For example, the total value of imports into Nigeria is outweighing the absolute benefits of our export as a country. These include shipping of both services and products in every aspect.
Experts have warned that unless such deficiencies are tackled, the value of Naira against the USD will continue to dwindle; and there will be no hope to salvage the worth of Naira without a deliberate national strategy.
How can I Save my Naira in Dollars?
There is no way we can hide the fact with the Nation’s economy – this guide takes you through all the known and methods you can use to save any part of your Money ( Naira) in Dollars.
Following the nation’s poor performance in the international market, the concurrent inflation rate, the value of the Naira has continued to depreciate, and it might continue on this for a while which implies that it is a terrible idea to save all your money in the local currency (Naira).
Perhaps, you need to understand that the only innovative method of maintaining the value of your money, a situation like this, is to save in a stronger and harder currency.
And the methods shared in this post are culled from verified technologies, Mobile Applications, Banking Apps and other platforms.
A good example is the PiggyVest Savings App that is fully Licensed by the NDIC (the National Deposit Insurance Corporation).
A Domiciliary Account is the type of Foreign Currency Account that only your bank can open for you here in Nigeria.
You can open this account in any currency of your choice depending on your reasons and choice of bank.
When operating a domiciliary account, it is possible to convert your Naira into a particular foreign currency, let’s say USD and save it using some of the apps listed here.
What’s more? You can withdraw your savings in whichever currency you opted to save in, in cash in the market (any time you choose).
Opening a domiciliary account requires a valid ID, two guarantors, passport photographs and a national identification number.
For more guides and clarification on this, do well to visit your bank for final advice on the use and scope of a domiciliary account.
PiggyVest Automated Savings
Piggyvest is currently one of the best saving apps in the country. This fintech app is in the green file of the Nigerian Deposit Insurance Commission (NDIC) and what it implies is that your money is safe.
Piggyvest has a dollar platform that enables its users to save their money in dollars, in this case saving Naira in Dollars.
It is operational in a list of other African countries, and you can as well learn how to save your currency in Dollars using this complete review article of the app.
The deposited amount is converted to the current value in dollars and saved. With the continuous surge of Naira, the value of your savings increases as well.
To get started, click Android or Apple to download based on the device you use, then proceed to register with your correct details, fund your wallet and transfer the funds to the dollar platform. You can watch the video below for guides:
Trading or Saving with CyptoCurrency
Another great alternative is to save money using cryptocurrency – and I believe that this is no longer new to you.
You can buy Non-Fungible Tokens, Crypto (that is studied to be great for investment) and also save them as long as you want.
And to get started with saving your Naira in Dollars we have made a list of 10 Best Fintech Apps to make money in Africa.
Some of these Apps are verified savings technologies like PiggyVest while a good number of them are used for buying, savings and trading Cryptocurrencies.
You can start here with first learning about the app peculiarities, their differences and advocates for you, before downloading.
As Nigerians, there is a number of limitations with buying and saving your Money in crypto owing to some of the reasons that are beyond the scope of this guide for you.
To learn how you can use any of these apps to save money in Dollars, then you need to read more here: Best Fintech Apps to Save Trade and Earn via Referral.