Naira Hits N1,610/$1: How To Start Earning, Saving in Dollars

The value of the Naira continued its free fall on Thursday as it depreciated to N1,610 to a United States Dollar (USD) at the parallel market whilst it appreciated at the Nigeria Autonomous Foreing Exchange (NAFEX) window.

In recent times, the fluctuating exchange rate between the Nigerian Naira and the United States Dollar has become a concern for individuals and businesses alike.

With the Naira losing its value against the Dollar, many are left wondering how they can safeguard their finances and potentially even benefit from this economic reality.

The Current Landscape

As of Thursday, February 15, the exchange rate stands at above 1500 Naira to 1 US Dollar, a figure that has fluctuated dramatically over the past few years. This volatility has left many Nigerians seeking alternative strategies to protect their earnings and investments from the impact of a depreciating local currency.

The Appeal of the Dollar

One such strategy gaining traction is the notion of earning and saving in US Dollars. The appeal of the Dollar lies in its stability and global acceptance, making it a preferred currency for international transactions and savings. By earning in Dollars, individuals can shield themselves from the depreciation of the Naira and potentially even capitalize on its appreciation over time.

At the parallel market, the value of the Naira continued to dip with transactions consummated between N1,610 and N1,615 to the Dollar on Thursday compared to N1,550, which it sold the previous day.

How to Start Earning in Dollars

The transition to earning in Dollars may seem daunting at first, but there are several avenues available for individuals looking to make the switch:

READ ALSO: Naira Still Above N1,500/$1 Amid Forex Market Reforms By CBN

1. Freelancing: With the rise of remote work and online platforms, freelancing has become a viable option for earning in foreign currency. Websites such as Upwork, Fiverr, and Freelancer offer opportunities for Nigerians to provide services to clients worldwide and receive payment in Dollars.
2. Remote Jobs: Many companies now offer remote positions that allow employees to work from anywhere in the world. By securing a remote job with a foreign company, individuals can earn a steady income in Dollars while living in Nigeria.
3. Online Businesses: Launching an online business that caters to an international audience is another way to earn in Dollars. Whether it’s e-commerce, digital products, or online courses, the internet provides limitless opportunities for generating foreign income.

Strategies for Saving in Dollars

Once you start earning in Dollars, it’s essential to implement strategies for effectively saving and managing your foreign currency:

1. Open a Dollar Account: Consider opening a domiciliary account with a reputable bank that allows you to hold and transact in Dollars. This provides a secure way to store your foreign earnings and access them when needed.
2. Invest Wisely: Explore investment opportunities denominated in Dollars, such as stocks, bonds, or mutual funds. Diversifying your portfolio across different asset classes can help mitigate risks and maximize returns.
3. Budget and Save: Adopting a disciplined approach to budgeting and saving is crucial for building wealth in Dollars. Set aside a portion of your earnings for savings and emergency funds, ensuring financial security

Top Apps for Saving in USD in Nigeria

1. Piggyvest: Piggyvest is a versatile savings and investment platform allowing users to save in both Naira and Dollars. It offers competitive interest rates and investment opportunities, including target savings and flexible dollar accounts.
2. Muna: Muna is a crypto wallet enabling users to save in stable coins pegged to the US Dollar, offering annual interest rates of up to 15%. It features daily rewards and multiple savings plans for robust dollar savings.
3. Cowrywise: Cowrywise provides a range of financial services, including dollar savings and investments. With options like regular savings and Halal savings, it caters to diverse financial preferences and goals.
4. Bundle Africa: Bundle Africa supports savings in various cryptocurrencies, including stable coins pegged to the US Dollar. It offers low entry thresholds and annual interest rates of up to 6%, providing a convenient avenue for dollar savings.
5. Binance Exchange: Binance is a leading cryptocurrency exchange facilitating dollar savings through stable coin holdings. While direct deposit options may be limited in Nigeria, Binance offers peer-to-peer trading services and a user-friendly interference

As the exchange rate between the Naira and the Dollar continues to fluctuate, it’s imperative for Nigerians to explore alternative avenues for earning and saving in foreign currency.

By leveraging opportunities in freelancing, remote work, and online entrepreneurship, individuals can protect their finances from the impact of currency depreciation and work towards achieving their financial goals in a global economy.

With careful planning and prudent financial management, the dream of earning and saving in Dollars is within reach for anyone willing to take the leap.