The Best Apps to Save in Dollars in Nigeria
You would agree that the naira has become grossly undervalued these days. Therefore, using apps to save money in dollars in Nigeria has not only become a necessity but a wise decision.
Due to an understandable lack of trust regarding money, you might wonder where or how to begin this process.
These are some of the best apps to save in dollars in Nigeria:
Piggyvest
This is one of the biggest online savings and investment platforms in Nigeria. This app will enable you to save both in dollars and naira.
To save in dollars, you have to first fund your naira account on something called Piggy Flex, which you can then convert to dollars. The annual interest rate on your dollar savings on this platform is 7%.
There are other impressive interest rates on this online savings and investment platform, depending on the particular savings plan you subscribe to.
Cowrywise
This is another reliable app to save money in dollars in Nigeria. With Cowrywise, you can save and invest in dollars for a long period of time and get good returns.
There are three major types of savings and investment plans available on this platform. These are regular savings, life goals, and halal savings (for Muslims).
Also, the annual interest rate depends on the particular investment you want. These investment plans can be Treasury bills, mutual funds, or government bonds. The good news is that you will be informed about the prevailing rates and how much you will earn.
Risevest
This platform will help you invest in dollars, real estate, stocks, and fixed income. This app works like your personal investment adviser, and that will help you invest in dollar-denominated assets with stable returns over time.
Risevest will enable you to build and maintain your wealth while monitoring your progress along the way. The interest rate varies depending on the investment.
All you need to do is download the app, create an account, fund it, and enjoy the benefits.
Trove
This is another online investing technology platform. Here, you can invest in stocks, exchange-traded funds (ETFs), and so on with as little as $10 or N1,000.
This platform has different charges depending on the transaction. However, deposits and withdrawals from your naira or dollar wallet are free.
Bamboo
This is an investment app where you can access smarter investment options and earn great returns. On Bamboo, you can invest in the US stock market and receive fixed returns with an 8% annual interest rate.
You also have access to currency conversion. That means this is one of the best apps to save in dollars in Nigeria. To do this, the platform sources the best rates available and provides regular updates for your transactions.
The fees and charges differ depending on the transaction. Their services are available in different currencies, such as naira, dollars, and cedis.
Crowdyvest
This is an app with easy and diversified investment options. It is another recommended app to save money in dollars in Nigeria.
The different options available for your dollar savings:
Flex Dollar: This will allow you to save your money in dollars on your own terms.
Flex Savings: Here, you can save and withdraw your money at any point in time.Vault: As the name implies, the money you invest with this option will be inaccessible for a given number of months, with interest. The annual interest rate for this app is 15%.
Chaka
This is a technology app that offers digital investment and wealth management opportunities. It is also a great app to save money in dollars in Nigeria.
This can be done via a designated platform called SmartInvest.
Once you get started on this platform, your SmartInvest portfolio will be managed by a specialized wealth manager to help you meet your financial goals and make smart investment decisions.
With SmartInvest, you will have a dollar mix of US stocks, international bonds, and real estate all in one portfolio. SmartInvest works in three simple steps:
You answer some relevant questions for a better understanding of your goals and timeline.
A portfolio is recommended for you based on your answers.
Then, you can fund your portfolio and watch your money multiply.
Muna
This is a crypto app that allows you to save a variety of stablecoins. These include Bitcoin, USDN, Waves, and more.
The USDN is a stablecoin tied to the United States dollar (USD). So, with Muna, you can save your money in dollars through USDN.
Additionally, you can accumulate an annual interest rate of 15% while saving on the Muna app. The best part is that you will receive interest rewards daily until you withdraw your funds. However, they deal solely in cryptocurrencies with a 15% annual interest rate.
Cordros
This is a leading financial service that offers specialized services on various investments. This is one of the best apps to save your money in dollars in Nigeria. This app has a package called Cordros Dollar Fund.
This fund will enable you to invest in dollar-denominated securities such as bonds, mutual funds, assets, and the rest.
This fund has an edge over domiciliary accounts offered by Nigerian banks. This is because you are assured of the best returns on your investments. All you need to do is visit their website, fill out the application form, and follow the subsequent instructions.