Latest method on how to save money in Dollars
On this page, you will discover various methods on how to save money in dollars from Nigeria.
Hey! Interested in saving money from Nigeria in dollars? Sure, you do and I am certain this is why you are here on this page. Well, am glad to have you here as you are just on the right page where I will be sharing with you some tips on ways through which you can use to save money in U.S dollars from Nigeria.
Am certain this piece will be resourceful to you. The content idea came in when we noticed a lot of Nigerians searching for how to save convert their Naira to Dollars in Nigeria. This I guess is because of the recent devaluation of Naira among other currency pairs. Well, it’s OK for currency to fluctuate; however, Naira’s fluctuation never gets to a high trend. It keeps going low – low and low. Hopefully, is enough reason why I will advise Nigerians to start thinking outside the box.
There a quiet limited methods on how to save dollars from Nigeria. However, we tried our best to bring forth some top notch, and reliable methods you can use to enjoy even more value of your money – even as Naira keep decreasing in value. This simply means, you won’t have to trouble yourself thinking about the safety of your money. Continue reading as we discuss some of the best options in saving money dollars while being a citizen/resident in Nigeria.
How to Save Money in Dollars from Nigeria (5 Reliable Methods)
1. Open a Domiciliary Account with any Nigerian Bank
Sure, you must of heard of domiciliary or Dom account before. Well, if you haven’t, you still will find this paragraph helpful. Domiciliary/Dom account in Nigeria is a bank account offered by all commercial banks in Nigeria which enables Nigerians to save, withdraw and transact in dollars.
With a domiciliary account, you need not to worry about Naira fluctuation as your money is 100% in dollars. However, your worries should be dollar fluctuation. But with the current situation and huge debt Nigeria owes now, I think you need not to be afraid of keeping your money in dollars.
How to Open a Domiciliary Account in Nigeria
To open a domiciliary account in Nigeria with any commercial bank, just walk into the banking hall and seek audience with the marketing team. They will guide you with the requirements and documents needed to get your Dom account up and running in no time.
2. Buy crypto asset and store as USDT
Another option to consider as a Nigerian when it comes to saving money in dollars is crypto (USDT). USDT is a crypto asset more like Bitcoin, Ethereum, Litecoin etc. However, this crypto coin was first introduced and listed on Binance. Binance is one of the most recognized crypto exchange platforms in Africa).
The idea behind the introduction of USDT was to have a dollar equivalent in digital currency. This simply means that USDT is equivalent to USD in the exchange market. Therefore, saving in USDT from Nigeria is same as saving in USD (dollar) as you get same value when converted to Naira. However, before one will be able to save in USDT asset, you first need to sign up on crypto platforms which have the coin listed. Some of these platforms include; Binance, Hotbit, Trust Wallet, Kucoin, Coinbase etc. We recommend Binance or Trust Wallet for beginners.
How to create a Crypto Wallet and Save USDT from Nigeria
Let’s say you want to open a Binance Wallet to save in crypto from Nigeria. All you have to do is;
- Visit play store or App store and search for Binance
- Install and Open the app for the first time
- Now follow the on-screen command to register your account
- Launch the app and verify your account with all necessary documents
Now that you have create your account, see how to buy USDT on Binance
How to Save in USDT on Binance
- Launch the app
- Switch through the bottom menu to locate Peer to peer
- Tab on it and select “BUY”
- Now tab on USDT section to vie vendors selling directly on Binance Peer to peer marketplace
- Tab on any of the vendor and make your order
When done, you can store your USDT asset on your Binance wallet as it is 100% save. When you want to convert it back to Naira, just visit the P2P marketplace and click on sale, follow all command to sell it to others while they credit you in Naira. It’s as simple as that.
3. Open a Bank Account in the US
This is another option to consider while planning starting saving money in dollars from Nigeria. However, this method need that you have enough money to travel outside the country and you need some connections to get things done even faster.
I really haven’t tried this before; however, I gathered information from different sources and learn it is possible. You only need to visit the U.S, follow all legal procedures needed to open a Bank account and nothing more.
4. Convert Naira in Black Market and Store Somewhere Save
Even though this method is not old and not usually practiced, it still rocks effectively. In getting started, you are required to search for the closest bureau the change service provider in your location. Take your naira to him and he gives you the equivalent in Dollars.
Now you can keep the hard currency somewhere save. Native saving means like using the “African Asusu” won’t be a bad idea. For those who are not familiar with “Asusu”, you can read further. Asusu is an enclosed metal/wood with a vacuum space inside and a tinny opening slot at the top side which is usually used for saving money for a purpose/target. To claim your money from Asusu wallet, you’ll need to destroy the wallet. You can purchase Asusu from any local shop close to you to begin saving dollars in Nigeria.
5. Save in Forex (for pros)
I am not really deep into Forex. However, it is a good option to consider while planning to begin saving in foreign currency in Nigeria. Truly Forex is risky from information is gathered while generating data for this content. For this, I won’t recommend you make use of this option if you are not familiar with how things work in the field.
Conclusion: Best Choice on how to Save in Foreign Currency in Nigeria
Glad you made it to the end section of this page, where we talk about top 5 ways on how to save money in dollars in Nigeria. From all available options listed, here is my top pick and recommendation.
Creating a Domiciliary account for saving your dollars or other foreign currently in Nigeria is the best option so far. This is because; it works just like your normal Naira bank account, just that you can only transact in dollars and not Naira.