Saving your Naira earnings in dollars and other foreign currencies is the sure-fire way to protect your earnings from the current raging inflation.
In the last 6 months, the Naira has lost over 30% of its value, and we are still not sure if the landslide has come to an end.
It’s better not to guess, but to do something valuable with your Naira earnings while you can.
Consistently putting away some Naira into dollarized accounts and investments will help you secure the value of your earnings far more than leaving it at the mercy of Nigeria’s monetary politics.
In this article, we’ll be looking at some ways to save your Naira in dollars and other foreign currencies in order to beat inflation and grow your money.
Domiciliary Accounts is the most basic way to save your Naira in Dollars and other foreign currencies.
A Domiciliary Account is a foreign account that is operated locally. A foreign account that is domiciled in your home country, Nigeria, hence the name.
Domiciliary Accounts in Nigeria can be opened in Dollar, Pounds, or Euro. So, you’re definitely spoilt for choice when it comes to saving your Naira in foreign currency.
I have written a comprehensive article on how to open a Domiciliary Account in Nigeria in under 5 minutes without references, so you can read that to guide you in opening a foreign account that allows you to save your Naira in foreign currency.
This is a nice first step you can take to safeguard the value of your earnings.
Risevest Fixed Income Dollar Savings
Risevest is pioneering fixed income dollar savings and investments into different foreign Money-making opportunities.
From U.S stocks to dollar investment savings accounts. This allows you not only to save in dollars but also to earn returns on your savings.
Risevest gives a ROI of 10% per annum on your dollar savings, so you can start saving your Naira and earning returns in dollars.
The returns on your dollar savings also ensures that you don’t even have to worry if inflation is biting on the dollar too.
U.S Stocks with Chaka
Chaka. That name sounds like a money dance, Chang! Chang!
Well, Chaka helps you put your Naira to work by providing access to high-performing U.S stocks.
If you don’t just want to save your Naira in Dollars, and you don’t just want to earn a fixed return on your dollar savings, then this one is for you.
You can start chasing your money goals by investing in U.S stocks via Chaka right here in Nigeria.
2020 was the year that Stablecoins went big in Nigeria.
Not only are Stablecoins good for saving in dollars, but they can also present Arbitrage opportunities for making money via Forex transactions.
USDT, USDC, BUSD. These crypto Stablecoins are pegged to the dollar and can help you start pilling some foreign currency in your crypto app.
The biggest deal about saving your Naira in Stablecoins is the liquidity and freedom of financial flow. You could easily invest in any hot crypto and make fast money, or easily withdraw to Naira to meet an emergency.
It’s just a straight up badass money move that keeps your mind at rest. And I think every young person in Nigeria with big money goals should at least hold some Stablecoins, even just for the fun of it.