With the Nigerian Naira falling against the US dollar as a result of scarcity, this consistent devaluation makes it frustrating to save in naira as the value of the currency continues to deplete without spending it.
As of December last year, the Nigerian naira experienced a 55 percent devaluation against the US dollar, which can be attributed to the Central Bank of Nigeria’s decision to unify exchange rates, coupled with dwindling oil revenues and persistent inflation, which created a perfect storm for the naira currency weakness.
Data sourced from the Financial Markets Dealers’ Quotations (FMDQ) revealed that the official exchange rate increased from N463.38/N1,348.63 per dollar as of Tuesday and at the parallel market, the naira depreciated to N1,460/$ from 762/$.
The US dollar remains one of the widely recognised legal tenders; the currency is arguably solid and stable compared to any African money.
In addition, saving in dollars allows you to access a broader range of international investment opportunities. You can invest in global financial markets, purchase international assets, or participate in foreign exchange (FX) trading with dollars.
However, one way to save in dollars is by using fintech apps that provide a dollar platform that enables its users to save their money in dollars and other currencies
Here are the fintech apps that can be used to save in dollars in Nigeria
Piggyvest is a popular Nigerian online investing and savings website founded by Somto Ifezue, Odunayo Eweniyi and Joshua Chibueze in 2016 as Piggybank before rebranding to Piggyvest in 2019.
The fintech app Is a mobile savings app that supports US dollars and Nigerian naira. If you want to save in dollars, you’ll need to open a piggy flex account in Nigerian naira and transfer the funds there.
The Flex Naira wallet allows users to earn up to 10 percent per annum paid at the beginning of the month as long as you don’t withdraw more than 4 times to your bank account. In addition, the interest is calculated every day and paid accordingly.
You can deposit an unlimited amount into your Flex Naira wallet, and there are no charges for withdrawals. Additionally, funds from Safelock, Target savings, and Investify are transferred to your Flex when they mature, while interest earned on all other PiggyVest wallets is also credited to your Flex.
Muna is among the top apps for saving dollars in Nigeria, offering financial solutions aligned with the 17 Sustainable Development Goals (SDGs),
Muna Wallet which was launched in 2021 and founded by Henry Lucky, who is also the CEO of Quru Lab, allows both crypto users and non-crypto users to navigate seamlessly using the platform.
The crypto wallet offers diverse stable coins like Bitcoin and USDN for savings with a 15 percent annual interest rate.
Users can have up to five savings plans (1 flexible and 4 locked), others include benefit from daily rewards and enjoy flexibility. However, withdrawing from locked plans incurs a 3 percent default fee.
Cowrywise, founded in 2017 by Edward Popoola and Razaq Ahmed, is a mobile platform facilitating savings and investments in dollars. Besides dollar savings, users can invest in cryptocurrencies, Halal savings, and mutual funds.
The app allows earning up to 8 percent interest per annum. Cowrywise is recognised as one of Nigeria’s best apps for dollar savings.
Rise is a fintech app that assists Nigerians in saving in dollars and earning attractive returns. It also enables users to invest in dollar-denominated assets with the potential for returns, and it is accessible to everyone, regardless of their initial investment amount.
When you invest in dollars with Rise, your money is protected from local inflation and the possibility of the Naira being devalued opening up opportunities for you to move beyond low-interest local savings and investments.
Rise was founded by Eke Urum and Bosun Olanrewaju and began its operations in 2014. However, in 2023 Rise partnered with Chaka in an undisclosed deal to provide its users with enticing investment opportunities.
Bamboo is the first online brokerage service that gives Africans and their wealth managers direct access to US and global securities. Through Bamboo’s fixed-income dollar-denominated platform, you can save your idle funds without being exposed to the risk of investments.
Bamboo was founded in January 2020 by Richmond Bassey and Yanmo Omorogbe. The platform allows users to earn up to 8 percent interest on your dollars’ savings if you save for 90 days and above.