Managing funds in this part of the world can be difficult, but it is certainly doable with a little effort and foresight. Saving money is an excellent method to prepare for a financial emergency. It also makes large purchases easier, eliminates your financial stress, and gives you more financial flexibility.
Although currency fluctuations can have an impact on your savings, there are still strategies to manage and preserve your money. Although Nigeria’s currency, the Naira, has had difficulties against other international currencies, there is still optimism for its future prosperity.
Earlier this year, the Nigerian Naira was worth approximately 800 to one US dollar. Despite the Naira scarcity that Nigerians have experienced, there remains optimism for a brighter future.
Saving US money enables many Nigerians to achieve financial independence. The US dollar is one of the world’s most powerful, traded, and used currencies.
Wonderful news! Nigerians can save money in dollars by using internet platforms. This page goes through their process, interest rates, pricing rates, withdrawal options, and simplicity of usage.
Read also: 5 Investment Apps for Nigerians
Here are Four App that can enable you to save dollars
1. Piggyvest
Piggyvest is one of the most famous places for people in Nigeria to save and invest money online. When the app first came out, it was called “Piggybank,” and it was just a place to save money. Later, it was renamed “PiggyVest,” and users could save money and spend directly. Users can save both dollars and naira with these investment options.
Registration: To save money in dollars, users will need to download the app and set up an account. Your BVN is needed to verify your identity when you create an account. You can’t use the same BVN for more than one account. After that, you sign in and hit the “savings” icon on the homepage to see your savings options, which may include a PiggyFlex account.
Rate of interest: Your PiggyFlex account must already have money in it before you can put money into it. Choose $Flex Dollar next. This option lets you save, invest, and move money in dollars with up to 7% annual interest and no fees for deposits, transfers, or withdrawals. To use this choice, click “Fund my Flex Dollar,” enter the amount you want to spend, and then click “Preview” to see how much it will cost in naira.
Users can buy for as little as $1, which is a great place to start. So, after seeing the current price in naira, you confirm your purchase and add money to your Flex Dollar account by choosing your PiggyFlex wallet account as your funding source. You are now ready to spend and save in dollars.
Withdrawal: If you want to send money to another PiggyVest user, you can use their phone number, email address, or #piggylinkID to send them between $5 and $1000. Anyone can take money out at any time.
2. Rise vest
Rise vest, a digital dollar asset manager, connecNigerians to US stocks, real estate, and fixed income.
While Nigeria has many stock investment options, they only provide stock options, which let you buy and manage stocks on your own. Two things, different ways.
Registration: This is a famous app that helps you invest in dollars. To use the app, you must sign up and create an account. Even though the process might seem a little stressful, especially since it requires more detailed information like an ID, password, biometrics, and PIN, this is very important for security.
Once you’ve logged in, you’ll see your total amount and a place to “add money” on the homepage. Choose which coin you want to saveyour total amount and a place to “add money” on the homepage. Choose which coin you want to save. Nigerian Naira, US dollars, and cryptocurrency are all options.
In this situation, we prefer to use dollars. You must put money into your wallet using your Naira bank or credit card. There is a $50 funding cap, but if you want to spend more, you might have to verify your email address. When you want to withdraw your purchases, you also have to be verified. This is possibly why it didn’t ask for email verification when I registered.
For every $1 transaction, the app charges $0.04 for processing, so a $50 purchase would cost $1.9 for processing. During the payout, it instantly converts the amount you want to buy into Naira.
Withdrawal: The app lets you take as many withdrawals as you want, so there is no limit on withdrawals. The interest rate on your wallet is 8% per year, but it is calculated daily and added to your wallet automatically every month.
3. Pillow app
Pillow is a savings app that allows you to virtually save your funds in dollars while earning daily passive income.
Registration: Enter your BVN, biometrics, and email address to register. This is for security, but you earn money for it. Thus, validating your email address, BVN, and initial deposit yields $0.25, $0.25, and $0.5, respectively.
Select Bank Transfer after registering. Enter your purchase amount, which the platform converts to dollars. Preview the transaction and select “Buy Rate” afterward. Transfer the funds to a distinct virtual bank account, and Pillow will immediately update.
Interest rate: Click the “Savings” button, type how much you want to save, preview, and press “Confirm.” Funds reflect slowly. Tiered accounts determine interest rates. Under $500, an investment yields 13.68% annually: 8.42% base plus a 5.26% increase. Annual investments offer 10.14% interest and 62.95% for five years.
Withdrawal: No deposit or withdrawal limit. Easy withdrawal. Choose a Nigerian bank account for the funds. Simply enter an email verification code. Withdrawals are unlimited.
Read also: Sycamore, Nigerian fintech simplify loans, investments
4. Quidax
Quidax is a digital assets exchange that allows users seamlessly buy and sell cryptocurrency with their local currency.
Registration: Verification is straightforward but not as easy as on other sites. Registration may require a simple 4-digit pin. Then there’s verification, both basic and advanced. Here, you must provide ID and address proof.
No services, including the dollar-saving option, are available without this process. After that hurdle, finance your Quidax account. Naira or crypto, your choice. Swap Naira or bitcoin for USD, choose fixed or flexible savings, and start saving in USD.
Interest rate: 5,000 is the minimum amount. Quidax also pays daily interest on USD savings. Flexible savings earn 7% annually, while fixed savings earn 10%.
Withdrawal: The platform allows fast withdrawals to your Nigerian bank account.
Check out these and many other platforms to see which you prefer. To give their users control, some of these applications and the investment services they offer are held with regulated third parties and operate with trustees who are licensed by the SEC.
