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Tips - May 20, 2022

5 Apps that Can Help You Save in Dollars

Since the emergence of financial technology platforms in Nigeria, many apps have been created to assist people to save and invest in foreign currencies, particularly dollars.

Due to its stability, the dollar is regarded as one of the world’s strongest currencies. It serves as a go-to currency for people living in countries with economic difficulties and depreciating currencies.

With the naira’s constant depreciation, saving in dollars is becoming increasingly important. Here are some apps you should consider to save in dollars in Nigeria.

Muna

Muna is a cryptocurrency wallet that allows users to profit while saving. The application will enable you to save in dollars, WAVES, Binance currency, Bitcoin, Muna, etc.

The platform allows you to save in dollars using USDN, a stable token tied to the US dollar.

The application provides five saving programs; one is flexible, and four are locked.  This is to assist you in staying committed to your saving goal. Early withdrawals from locked plans incur a 3% default fee.

Each saving plan has a yearly interest of up to 15%. The interest will be paid to you daily until you remove your funds.

Piggyvest

Piggyvest, formerly known as a Piggybank, is one of Nigeria’s leading online savings and investing platforms. The platform uses the Piggyvest flex dollar savings plan to allow users to save in both dollars and naira.

You need to have a piggy flex naira account and fund it to save in dollars. Then, you convert it to dollars. For every transfer and money conversion, you will be charged.

You will receive up to a 7% yearly return on your dollar deposits for saving. Also, monthly interest is paid into your Flex Dollar account.

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Cowrywise

This app is approved by the Securities and Exchange Commission of Nigeria. It allows you to budget, save, invest in dollars, and manage your financial stability.

The app also serves as a mediator, allowing you to invest in dollar mutual funds through financial institutions it has collaborated with.

On the other hand, the interest rate changes from time to time. 

The software includes a calculator used to estimate the amount of interest that will be generated over a certain period.

It provides a variety of products, such as Halal savings (for Muslims only), saving circles, and normal savings.

Crowdyvest

The platform has several options, such as vault, flex, pace, and flex dollar. The flex dollar plan allows you to save in dollars with a good return.

With daily return rates of 12-15%, the platform assists companies and individuals devoted to financial freedom and long-term investing to maximise their money in line with the 17 SDGs.

Binance Exchange

Binance is more than simply an exchange platform. The platform is one of the major crypto trading markets.

It lets you purchase, sell, save, and invest in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, Polkadot, Ripple, Binance Coin (BNB), and others in Nigeria on a daily, weekly, or monthly basis.

With the unstable state of the naira, you can effortlessly convert and save your naira in dollars using stable cryptocurrencies like USDT and BUSD and withdraw it whenever you wish.

One of the benefits of Binance is that it has the lowest trading fee of 0.1%.

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