Top 5 Dollar Saving Options in Nigeria
Naira is constantly losing its value. There's a high chance it may become #1,000 to $1 before the year ends.
You can’t be working this hard not to enjoy your money, right?
What can you do to preserve your money and get your money's worth?
Save in DOLLARS!!!
Saving in dollars is your best way but sometimes it's hard to get access to domiciliary accounts and the bottlenecks may be a lot.
So I decided to do some research on the top 5 Saving options in Nigeria which are very accessible. (I have used all of the apps I mentioned)
Risevest:
This is the No 1 for me because it has the most user-friendly platform and it's really beautiful. Something that also sold me on this was the Wallet Interest which serves as a great high-interest savings account. keep your money in the wallet and you would be able to get 8% per annum on any amount in the wallet. Risevest also has different investment plan options based on your risk appetite and plans based on life style goals like buying a house, getting married, starting a business etc. Definitely check Risevest out if you currently live in Nigeria.
Bamboo
This was also straightforward to use. There’s two major categories for investing which is stocks and fixed interest. In the stocks category, you can pick specific stocks you’re interested in or better still buy ETFs that track the top exchanges such as S&P 500. They also give some good stocks recommendations. I really liked the fixed interest category for saving and it can serve as a high interest savings account. You can currently earn up to 8% per annum and they have varying interest rates return based on the tenure of investing. Another major thing I liked was the learning options on investing for beginners.
Piggyvest:
This is primarily a saving platform with a dollar savings account called Flex Dollar. The current rate is 7% per annum and the user experience is also pretty straightforward.
Cowryrise:
This is also primarily a saving platform. The user experience is pretty good, however, they only have an investment in USD mutual funds. Which is essentially for low-risk takers in my opinion. There’s the Nigerian Eurobond Fund with a current YTD return of 3.81% and the ARM Eurobond with a YTD return of 0.23%.
Saving in stablecoins; USDT or USDC:
I recently got to learn more about this from a friend that works in crypto and it is a really great option to also save in dollars. I’m going to give a highlight on both of them in the comparison table below but this article does a great job of explaining what stablecoins are and speaking specifically on USDT and USDC. You can buy this on Binance, Coinbase and Quidax.
Thank you for reading this, I hope you found some great saving options in Nigeria that you can use.
Comparison
*Note: The Interest rates are in addition to the benefits/more purchasing power of having your money in USD
