This post is on how to save and invest your money in dollars in Nigeria using the best apps and platforms.
To save and invest your money in dollars in Nigeria, use some of the best apps such as Binance, Piggyvest, Chipper cash, Bundle Africa and many more. On these platforms, you can make a lot of profit and guard against Naira depreciation.
My post on how to save and invest in dollars with the Piggyvest app in early 2022 was a response to the high dollars to Naira exchange rate. Right now, it is even higher. And I later discovered other similar platforms.
So, in this post, I explain these best apps and how to use their platform to save and invest your money in dollars and make money.
Let’s start.
Is it Better to Save in Dollars or Naira?
It is far better to save in US Dollars than in Naira because the currency is more stable than Naira. And with Naira’s frequent depreciation, it is even best to earn income in dollars if you can. This way, you make more money as inflation keeps rising.
Therefore, it is better to save in dollars. If you make money in Naira, keep part of it in dollars using the best app suitable for this in Nigeria.
Best Apps to Save and Invest US Dollars in Nigeria
There are a lot of platforms or websites that offer savings in US Dollars. Below are some of the best Apps to save and invest dollars in Nigeria easily and make a profit.
1. Binance
Binance is the largest centralized exchange platform in the world for cryptocurrency trading and investing. You can buy and sell 600+ crypto coins and trade NFTs. Also, save, stake and do liquidity farming on the Binance Earn section.
Indeed, Binance is one of the best apps platforms to save and invest your money in dollars in Nigeria and earn 10% to over 100% interest. In addition, you make money when Naira depreciates against the Dollar. As the exchange rate increases, so is your profit.
Further Reading:
- Binance Review
- How to Fund Binance Account with P2P in Nigeria
- Binance Referral Bonus: How to Get $100 sign up or Commission Promo
2. Piggyvest
Formerly called piggybank, Piggyvest was launched in 2016 as the first online savings and investment platform across West Africa.
With the Piggyvest app, you can save in different kinds of savings accounts such as Piggybank, Safelock, Flex Naira and Flex Dollar and earn up to 13% interest per annum. There is also an investment section available.
Piggyvest is one of the best apps to save and invest money in dollars in Nigeria and earn 7% interest per annum. Also, you make money when Naira depreciates against the Dollar. For instance, if you buy 1 dollar at 500 Naira, last year, you would have made a profit when it is over 600 Naira plus the usual interest you earn.
3. Xend Finance
Xend Finance is a crypto bank platform, backed by Binance and Google Launchpad, that provides users with the opportunity to earn better interest rates by saving or staking in cryptocurrency coins.
Just like the Binance platform, Xend finance is one of the best apps platform to save and invest dollars in Nigeria and earn at least 15% or more depending on the crypto coins. In order to guard against crypto volatility, stake with stablecoins such as BUSD or USDT.
4. Bundle Africa
Bundle Africa is a P2P (peer-to-peer) or social payments app for cash and cryptocurrencies. With Bundle App, users can send, receive, deposit, withdraw and store cash and crypto.
Although Bundle Africa is a platform to trade crypto, like other crypto apps, it is also best for saving and investing money in dollars with up to 10% APY.
Presently, you can only save in BUSD coin which is stable and best for someone who wants to keep it simple.
Further Reading:
5. Chipper Cash
Chipper Cash is a fintech app for sending and receiving money, investing in foreign stocks, paying bills and other financial services.
If you prefer to buy foreign stocks, Chipper is one of the best apps for US stocks which is another way you invest your money in dollars in Nigeria. Note that because you are investing in stocks, profit or loss is not guaranteed.
However, Chipper Cash has chosen the best-performing stocks such as Tesla, Apple, Google, Nike, and so on. Therefore, you are more likely to make a profit on your investment at the end of the year.
Further Reading:
How to Save and Invest Money in Dollars in Nigeria
To save and invest your money in dollars in Nigeria easily, sign up for an account on any of the best apps that suits you. After, fund your account and start saving.
Below are the steps on how to save and invest dollars in Nigeria using these best apps.
How to Save and Invest Money in Dollars in Nigeria using Binance
Follow these required steps to save and invest money in dollars using the Binance app in Nigeria:
- Sign up on Binance with this link.
- Verify your account
- Switch to Binance Pro.
- Deposit fund to your account through P2P Trading
- Next, go to Earn
- Choose your desired crypto coin and subscribe
How to Save and Invest Money in Dollars on Piggyvest App
Follow these steps to save and invest money in dollars using in Nigeria using the Piggyvest app:
- Download the app through this link
- Create an account and verify it
- Go to Savings.
- Next, tap Flex Dollar
- Tap on Fund my Flex Dollar to buy dollars
- Enter the amount and select a funding source. Fund with Piggy Flex wallet or ATM debit card.
How to Save and Invest Money in Dollars on Bundle Africa App
You can save your money in crypto coins and make a profit. Below are the required steps to save and invest your money in dollars in Nigeria using Bundle Africa:
- Download the Bundle Africa app and sign up
- Verify your account
- Deposit fund your account
- Go to Vault
- Choose BUSD Flexible or Fixed
- Tap Subscribe and enter the amount you want to save
How to Invest in US Dollars in Nigeria using Chipper Cash App
You can invest in dollars by buying foreign US stocks. Follow these required steps to save and invest your money in dollars using Chipper Cash in Nigeria:
- Download the app through this link
- Create an account and verify it
- Deposit funds into your account
- Tap on Invest and fill in the additional verification
- Search for available US stocks. Nike, Netflix, Tesla, Apple etc.
- Tap to buy your desired Stocks and pay.
Is Buying and Saving Dollars a Good Investment?
Buying and saving in US dollars is a good investment. Because of the stability of the currency, it is rare to incur a loss due to a loss of value. In fact, you gain more profit and make more money whenever the country’s currency depreciates such as Naira
Is it Advisable to Save in Dollars Now?
So, is it advisable to buy and save in dollars right now? Yes, buy and save dollars now if you have the money. Thinking Naira may appreciate thereby reducing its dollar rate may not happen soonest. Therefore, use the right apps to save dollars or invest in it long-term.
Conclusion on the Best Apps to Save and Invest Dollars in Nigeria
Finally, I hope you now know how to save and invest dollars in Nigeria through the best apps and make money. As you can see, the profit you can make depends on the platform you choose and its products.
Keeping your money in dollars is a good investment you should consider especially in Nigeria.
Therefore, try this and let me know your experience.
Also, leave a message in the comment section below if you have any questions.
