The Ultimate Guide to Saving in Dollars in Nigeria
At the beginning of the year, one of my top financial goals, like many others, I assume, was to save a certain amount of money by December 2022. To be very honest, I know that saving in the 21st century takes a lot of commitment, and it’s one of the things that we all struggle with.
One thing that has increased my earning potential this year is saving my money in dollars using Busha Yield. I remember chatting with my friend earlier this year, and I told her how much money I was hoping to save this year. She first said, “who still saves in Naira? Definitely not me!”.
I thought deeply about that statement, and I realised that the Naira devaluation over the years has made saving in Naira very frustrating. You work hard morning and night to secure your future; next thing, you watch your savings depreciate before your eyes.
We know that anything dollar-related in Nigeria is a synonym for stress. Anyway, I did some research and discovered that it’s possible to save in dollars in Nigeria with Dollar Stablecoins, like USDC or USDT (Yes, this was long before I started writing for Busha). We all know that the US dollar is one of the most valued currencies in the world and since the purchasing power of the Nigerian Naira weakens daily, it makes sense to convert your Naira into a more stable currency like the US dollar.
Saving in Dollars vs Naira
Let’s throw it back to 5 years ago;
$1 was NGN 365.
$1 is NGN 710.
If you had saved NGN 100,000 in 2017, your money would have depreciated by 51%, right?
However, if you had held $1000, which was 365,000 Naira in 2017, right now, you would have 710,000 Naira in your savings account.
Just imagine if you had been saving in dollars all along; bruhh, how much is iPhone 14 again?
Anyway, here’s my tip for saving in the 21st century. Your one goal should be to ensure your money appreciates.
So, how can you easily save dollars in Nigeria?
Busha Yield to the rescue, fellas!
With Busha Yield, you not only convert your money to dollar-stable coins, but you also earn up to 7.5% interest annually, which is about five times higher than what traditional financial institutions offer. The best part, your claim is paid out daily without zero lock-ins required.
You save in USDT /USDC, which are dollar-stable coins, and you can withdraw anytime, so if there’s an emergency, you can easily withdraw from your earnings!
This feature is easy to use, secure and reliable. When I was going to start saving in dollars, I thought I had first to buy dollars at the black market, open a domiciliary account and pay account maintenance fees to the bank. 🤦 With Busha Yield, it’s much easier and seamless, and you can do this from the comfort of your couch.
Here’s a step-by-step guide to help you:
- Download the Busha App on your Appstore or Playstore
- Log in and click on the wallet icon.
- Click the Yield tab
- Click on the +Subscribe button
- Select your preferred crypto asset
- Set an amount and plan a timeline
- Confirm your yield plan and enjoy daily returns.
Easy peasy, right?
Quick Recap: 5 Reasons You Should Save in Dollar Stablecoins in Nigeria
- The US dollar is one of the most valuable currencies, and the USDC/DT are stable assets pegged to the US dollar.
- Protection against inflation.
- You make a profit daily.
- The dollar has a higher purchasing power.
- It’s a stable currency.
Looking back at my goal now, I’m super impressed with how much I have been able to save this year. Not going to lie; I am truly looking forward to my ‘detty’ December! Lol!
Until next time!