If you’re a Nigerian living in Nigeria, you’re probably tired of everyone shouting “save in dollars” by now 😬. You don’t even earn in dollars to start with. You will also not pay the pepper and chicken sellers in the market in USD.
So, what’s the fuss all about, and why should you even pay them any attention 🤷?
Why Should You Save in Dollars in Nigeria?
Well. Picture this.
You want to buy an iPhone 15, currently worth about ₦1.6 million, and you intend to save for the next four months to get it.
That’s alright because only people with doings can cough up that money at once. But you probably don’t know that the same iPhone 15 may cost ₦2 million or more in four months or less 😲.
Why is this happening?
The value of the naira is unstable. For instance, the naira went from ₦740 per dollar in January 2023 to ₦1500 in January 2024. That means the naira lost over 100% of its value within a year 😢.
Unfortunately, the consistent fall in value isn’t helping matters. Who knows what the exchange rate will be in the next minute, tomorrow, in six weeks, or four months?
If the naira continues to fall over the coming months, you’ll get to your phone vendor with the initial ₦1.6 million and the dream of holding your new phone in your hand soon. But sadly, the only thing you’ll hear is that “yesterday’s price is not today’s price.” 😭
But if you save that money in dollars, you’ll end up paying less than ₦1.6 million if the naira keeps falling for the next four months. That’s because the dollar is more stable, and its naira equivalent increases as the naira falls. You get the gist now 😉?
Challenges to Saving in Dollars in Nigeria
Now that you get what we mean when we suggest dollar savings, the big question is, “how can you save in dollars when banks don’t even have USD bills you can buy?”
Besides, opening a domiciliary (DOM) account right now is like World War III. You need to do a lot of paperwork, find guarantors with DOM accounts, go to the bank with the oldest uncle in your family, and maybe sacrifice a chicken to the gods for it to go smoothly 😰.
So, USD is scarce in the bank and very expensive in the black market. Plus getting a DOM account is super stressful. In short, problem no dey finish, so what’s the way forward?
Quidax is Helping Nigerians Retain Their Naira Value with US Dollars
You probably already know Quidax is a cryptocurrency exchange where you can buy Bitcoin and trade other coins with your local currency. One of the cryptos you can get on Quidax is the popular stable coin, Tether (aka USDT). Its value is tied to that of the US Dollar, so 1 USDT is always around $1 🤝. This makes USDT the preferred choice if:
- You have your fears about crypto’s volatility.
- You need unlimited access to your money.
How to Buy USDT on Quidax
You can buy USDT and other stablecoins in Nigeria on Quidax. All you have to do is sign up, fund your wallet, and buy USDT with a few clicks.
But did you know that Quidax has a USD Savings feature?
With Quidax USD Savings, you can convert your naira or crypto to US dollars (USD). The best part is that you can earn between 7%-10% interest per year when you save in USD on Quidax 🤑.
How to Save in USD on Quidax
Creating a dollar savings plan on Quidax is pretty simple using the steps below.
- Download and install the Quidax App on your Android or iOS device
- Sign up and complete KYC verification
- Deposit funds
- Navigate the “Savings” page and create a flexible or fixed USD Savings plan
- Swap your naira or crypto for USD and save to earn daily interest
Final Thoughts
We don’t know when the economic challenges like inflation and devaluation facing the naira will end. But for now, the practical way to put money aside for big future expenses like paying rent, buying a car, travelling out of the country, paying school fees, etc. might just be saving in dollars.
Quidax USD Savings makes saving in dollars in Nigeria simple. With no stressful paperwork or need for physical dollar bills, start saving USD and earning interest with a few clicks. You can also complete our free beginner crypto course to be on track when you finally start trading on Quidax.
