With the ongoing depreciation of the naira against the dollar, earning in US dollars is the greatest means of survival in Nigeria. The nation’s currency has lost value following intensified inflation.
Commodity prices have continued to rise, but people’s wages have remained unchanged. This is causing the standard of living to plummet drastically.
According to the National Bureau of Statistics (NBS), Nigerian inflation reached 16.82% in April 2022, owing to rising fuel and food prices, such as bread and cereals.
Yearly food inflation increased to 18.4% in April from 17.2% in March, bringing the rate to 16.82%, the highest in eight months.
To survive the onslaught of economic woes, earning and saving in a strong currency like dollars is great.
Why you need to start earning in dollars in Nigeria
The US dollar is more valuable than the Naira. Currently, $1 is worth N415.258. For instance, you earn $1,000 for service; when converted, it will be worth N415,000.
A few people in Nigeria earn this six-digit. Although the high inflation rate will still be felt when you spend the money in Nigeria, it is still a better condition than earning and spending in Naira.
The fact is that only a few firms in Nigeria can afford to pay their employees N415,000 per month. Therefore, earning in dollars is preferable as it can improve your standard of living and save more.
The dollar is a stable currency that seldom loses its purchasing power. It will always be greater than the Naira, regardless of market volatility. On the other hand, the Naira is a volatile currency that continues to depreciate due to the country’s fragile economy.
When you make money in dollars as a Nigerian, your earnings will increase in value over time. You can even decide to keep the Dollar as it will be worth more when converted to Naira later.
Due to its stability, the dollar is ideal for saving and investing. When you save in dollars, your money is less likely to deteriorate in value. It will appreciate.
The reality is that the value of your money will degrade over time if you earn and save in Naira. The unstable market also contributes to it. Since the country’s economy is still high on inflation, the naira will continue to lose value.
Earning and saving in dollars is a very prudent investment for any Nigerian.
A faster way to create wealth
As a Nigerian, earning in dollars will help you create wealth faster. You will be able to attain your financial objectives more quickly.
The high inflation rate in Nigeria reflects the country’s present economic reality, as many Nigerians are now battling to make ends meet. Earning dollars can help combat your poor standard of living and create wealth.
How to start earning in dollars in Nigeria
Earning dollars in Nigeria is not an easy task. It’s having something unique that people require and will pay for. Here are some methods to make money in dollars in Nigeria.
This is one of the best methods to earn in dollars or other foreign currencies. You can be a freelance writer, a graphic designer, a UI/UX developer, etc. People are ready to pay for your skill as long as you deliver.
Blogging or Vlogging
This is your niche if you’re a good writer or speaker. You can earn dollars from clients who are interested in your skills.
You make money by blogging and selling advertisements. If you like making videos and have interesting and educational content to share, you could explore vlogging on YouTube and other sites.
Educational technology is the newest trend in schools. If you enjoy teaching, you may make money by publishing courses or lessons on several online sites.