Learn how to save money in dollars in Nigeria this 2023. In this article, i will show you 5 legit ways to start saving your money in USD. But before i delve right into that, let me show you WHY you should consider saving your money in US Dollars.
3 REASONS WHY YOU SHOULD START SAVING YOUR MONEY IN DOLLARS (USD)
- NAIRA IS UNSTABLE: The Nigerian Naira is not stable and cant be really trusted because of our over dependence in imported items, goods and services.
- INFLATION AND DEVALUATION OF NAIRA: the Naira is constantly being devalued and all the money in your bank account is losing value every minute. Imagine if you had kept NGN7,500 (which was the price of a bag of rice then) in your bank account in 2015 and you want to use the same amount of money to buy a bag of Rice today. Can NGN7,500 purchase a bag of rice today? The answer is a big NO!
- USD IS RELATIVELY STABLE AND APPRECIATES AGAINST THE NAIRA: yes, the US Dollars is far more stable than the Naira and it’s constantly appreciating against the Naira. The USD is globally accepted, very strong and stable. So, now that you know all these, why will you not want to start saving your money in dollars?
Saving in dollars can be done in 5 different ways:
1. Crypto: buy and hold any stable coin of your choice. Some of the stable coins include, USDT/TETHER, BUSD, BITCOIN, ETHEREUM. Just create a Binance account or download Trustwallet from Google or Apple stores. For more guidance and practical steps on this, contact me
2. Digital wallet: you can create a wallet on Payoneer, Wise…, buy/exchange and hold USD.
3. Dom account: a dollar account can receive and send money in USD. Open a dom account with any Nigerian bank and start saving in dollars. You can easily get a domiciliary account from UBA and the Alat App (wema) , very easy. Once the account is ready, you can start buying dollars from other account holders or buy the dollars cash and deposit into your USD account
4. Cash: buy dollars from people or Aboki and keep them in a safe place. You can tell your friends to sell their dollars to you or just locate any Aboki/ Bureau-de-change around you to buy.
5. Third Party Apps: like Grey, Bamboo, Afri-Invest…. Just download any of these apps on your phone stores and start saving in dollars.
5 BENEFITS OF SAVING IN USD
1. USD is very stable, strong and globally accepted: this means that your $50 (fifty usd) today can still buy you a bag of rice in 10years time, even if inflation and Naira devaluation continues. And,
2 The US economy is strong and can withstand global economic pressures, unlike Nigeria where reverse is the case.
3. Nigerian Leader are Buying and Hoarding Dollars: if the dollars is not very valuable, your politicians will not be storing it in their houses.
4. Financial Stability: saving in dollars guarantees financial stability. This simply means that you will continue to meet up with your responsibilities no matter what happens in the Nigerian economy.
5. No Conversion Issues/Fees: once you have USD on you account/wallet, you can carry out Foreign/International transactions without going through the stress of calculation and conversion, as what you see is exactly what you will pay. For example, if you want to purchase an item or pay for a course of $5, you are sure that you are paying same amount, unlike when you want to pay with naira.
If you have any question on this, please drop it using the comment box. And do not forget to share with your friends using the social links on this post. But, if you want me to personally guide you through this or to help you create/fund your crypto and digital wallets, contact me here
Thank you for reading.