Best apps to save in Dollars in Nigeria with High Interest Rate

Hello! I’ll explore list of top six best applications/platforms to save in dollars (USD) in Nigeria with high interest rates in this article. Moreso, I’ll also explore reason-why you should save in dollar, and how to start saving in United States Dollars from Nigeria.

Hence, let’s start digging-down the rabbit hole to get in touch with our primary reasons of this article “Best Dollar Savings Apps in Nigeria“

Reason-why you should Save in Dollar in Nigeria.

People saves in Dollars for many reasons, but the most important reasons why Nigerians saves in USD is that they can keep some fractions of their earnings against the rainy days or to meet up some financial requirements.

However, saving in Nigeria-Naira might not be the best Financial planning to do, because the local currency can easily lose value due to inflation and exchange rates. That’s why it’s more advisable and essential to save in US Dollars instead.

To preserve the value of your money, and to manage and create wealth are key fundamentals why you should save in dollars from Nigeria. Saving Money in Foreign currencies like USD, EURO or GBP will helps you to hedge against losing value on your Money over time.

Hence, in conclusion, you can consider saving in dollars in Nigeria as a means of storing Naira value so that it won’t face inflation and exchange rate that causes value lostness.

How to Start Saving in Dollars from Nigeria

Conventionally, people living in Nigeria save money in dollars in domiciliary account. However, saving in Dom account in Nigeria has some limitations, and demands for many requirements to upgrade to higher-tier where all account limitations will be lifted.

To start saving in dollars from Nigeria without the need of a domiciliary account has been made easy by some proliferous Fintech apps and Cryptocurrency Exchanges. The good news of it is that, you don’t need dollar bills to start saving on these Financial Technology Network.

All you have to do is add money from your local bank account through any of the platform’s payment options and convert it easily in your dashboard to Dollars, then Save it.

Furthermore, Experts in blockchain technologies introduced digital assets of the United States dollars, known as Tether (USDT), which allows you to save dollars at stable rate. The Fintech apps enabled access to this type of saving in dollars.

In essence, blockchain tech has offered people living in Nigeria and other part of the world the opportunities to own dollars, and start saving in dollars without owning domiciliary accounts. All that’s needed is a secure cryptocurrency wallet to store your assets.

That’s just the simple ways to start saving in dollars from Nigeria. Now, let’s dive into my curated list of top apps and platforms you can save money in dollars with competitive interest rates while living Nigeria.

Best Platforms and Apps to Save in Dollars in Nigeria

Here is the list of top 6 best dollar-saving apps in Nigeria:

1. Bundle Africa
2. Binance
3. PiggyVest
4. CowryWise
5. Waves Exchange
6. Muna

1. Bundle Africa

Bundle Africa is one of the leading cryptocurrency exchange in Nigeria that offer users the opportunity to save in dollars using cryptocurrencies, like BUSD and USDT, stable coins pegged to the United States Dollar.

In other words, Bundle Africa allows Nigerians to save in US-dollars via BUSD or Tether. You can save from as low as 0.1 BUSD. All you need to start saving on the app is to add money to the app from your Naira Bank Account.

Funding your Bundle Africa wallet is a very simple task. You can fund your Bundle wallet directly from your bank app, or through its secure P2P exchange method that connects you with other Nigerians looking to buy and sell; you transfer Naira to them, they fund your account with crypto assets.

Your savings on Bundle Africa earns you up to 6% per annum. For example, if you save $100,000 on Bundle, you’ll get $6000 as interest per annual. That’s very attractive, if you ask me. Additionally, do note that you cannot withdraw from the fixed BUSD plan until its due date.

2. Binance

Binance is the largest cryptocurrency platform and exchange in the world. It offers the most secure non-custodian crypto wallet among it competitors. I must confess to you “I use Binance wallet to store my crypto assets including NFTs”.

Binance Exchange can be used to store various coins including BTC, LTC, ETH e.t.c. Also, the crypto platform offers various US Dollar stable coins to use in your savings. Some of the USD coins you may store on Binance wallet include USDT, USDC, and BUSD.

To get started saving dollars in Binance from Nigeria, you’ll have to create a Binance account and complete your KYC verification. Next, fund your wallet and use the ‘Spot’ option to start saving in dollars.

Nigerians can simply fund their Binance accounts by connecting with other Nigerians interested in selling and buying, using Binance’s safe P2P trading method. You may pick from various traders, but must make sure you adhere to Binance’s P2P guidelines for your financial security. Funding via credit/debit cards is no more supported in Nigeria.

3. PiggyVest

This is another great platform for saving dollars in Nigeria. For more advance ways to manage your dollar savings account, the platform introduced a new feature called “PigyVest Flex Dollar”.

PiggyVest Flex Dollar Account allows you to do and manage everything in USD. That’s users are allowed to save, invest and transfer funds in dollar.

The dollar-saving app also offers PiggyVest Flex Naira Wallet which makes it easier to fund PiggyVest Flex Dollar Account. The dollar wallet can also be fund via Naira Debit Card. While you can directly add money to your Flex Naire wallet from your bank app or cash deposit over-the-counter.

To start saving dollars in Nigeria using PiggyVest Flex Dollar Account, fund your wallet via Flex Naire wallet. The funds will be converted to dollar for you according to parallel market prevailing sell price.

You can start with as little as $1 and earns 7% interest rate on your dollar savings per annual. Let assume you save $100,000 on PiggyVest Flex Dollar wallet, you’ll earn $7000 interest rate per annual.

You should consider saving dollars with PiggyVest as it offers seamless savings and withdrawal processes with comparative interest rate. Not just that, the dollar-saving platform also offers savings in Naira and investment opportunities.

4. CowryWise

CowryWise is another dollar-saving app on my list. This platform is a great alternative to PiggyVest. They have something in common “save and invest money in foreign currencies with competitive interest rate”.

With CowryWise, you can save and invest Naira in different currencies including dollar and earn impressive interest. To get started using cowrywise for your savings, download it mobile app on your favorite app store.

Register an Account and complete your KYC verification. Fund your CowryWise wallet through offered virtual bank account and convert the fund to Dollars in your user-friendly interface dashboard.

With CowryWise, you can earn up to 6% annual interest rate on your dollar savings in Nigeria. You can also use Cowrywise to send money to any Nigeria bank at any time.

5. Waves Exchange

Like Binance and Bundle Africa, Waves Exchange is another cryptocurrency wallet that allow Nigerins to save in dollars. The platform has a specially built dollar-saving feature. You’ll be able to save USD via USDN.

USDN is a stable currency or coin on Waves Exchange. It’s also pegged to U.S. dollar just like USDT and BUSD. Waves offers competitive interest rates of up to 15% per annum. That’s you’ll get $15000 interest rate yearly if you save upto $100000.

To start using Waves Exchange for your dollar-saving in Nigeria, you’ll have to register an account and complete your KYC verification. Fund your wallet through the available payment options and save up your dollars. You can also download Waves Exchange Mobile app on your favorite app store to get the most out it UI.

6. Muna

Muna is the last on my list of best apps to save dollars in Nigeria. Indeed, Muna is another great platform for dollar-saving consideration in Nigeria.

Muna app currently ranks as one of Nigeria’s best apps for saving naira in dollar-related cryptocurrencies. If you save your dollars with Muna, you earn  interest of up to 15% yearly on your savings. Exactly like Waves Exchange, you’ll earn $15,000 interest rate yearly per $100,000 you saved. 

The Muna app wallet supports a wide variety of stable currencies. The value of one USDN is same as one USD. This implies Muna users may use USDN to save US dollars.

To start using Muna to save-in your dollars in Nigeria, you’ll need to download the app on your favorite app store, create an account and login, complete your KYC verification and fund your wallet via payment options available on the crypto platform.

Muna will give you 15% interest on your dollar-saving account per annual. Imagine you save huge amount of money, how much would you cash out as interest earned. Let’s assume you saved 1,000,000 USD, you’ll get 150,000 USD as interest earned per year.

7. Cenoa App

Cenoa app is a zero-fee digital dollar (USD-C) savings account in Nigeria. The fintech app’s parent company – Cenoa, is a Singapore-based company that have five co-founders. The company targeting Nigerians is for the purpose of fixing their FX market that’s stuck at backlog.

Furthermore, Cenoa, a platform that allows users to save and invest in digital dollars, has leverage blockchain technology to provide a zero-fee dollar account that makes buying, selling and earning dollars seamless, safe, easy, and affordable for Nigerians. Learn more about Cenoa!

Conclusion

I believed you’ve learned one or two, and you’ve been able to decide which dollar-saving app you will use to save your dollars in Nigeria? Let me know your opinion about this in the comments section and do share this post to your friends and family if it deserves sharing.

Thanks for reading my “List of Dollar-saving Apps in Nigeria”. Follow us on our social media platforms to get our latest Finance scoops and updates. Cheers!