It’s no longer news how unstable the Nigerian naira has been over the years. The naira has been fighting for so long, and is still fighting against inflation. Inflation seems to be winning at a big margin as the naira keeps getting weaker, and prices in Nigeria keep climbing.
Saving in dollars (USD) is like giving your money a strong shield. The dollar has proved to stay steady or grow stronger compared to the naira over the years. So your savings don’t lose value as fast.
Saving in dollars is not about getting rich in seven days. It’s about protecting what you have and maybe even growing it a bit. 
Here’s how to save your naira in dollars in two simple ways.
Use a Domiciliary (Dollar) Account
This is a special bank account to save dollars (or any other foreign currency). Commercial banks in Nigeria offer this option to customers.
How to open one
Choose any bank of your choice or check their website. Get ready your ID ( National ID, voter’s card, or passport), a passport photo, and proof of address (maybe a utility bill or parent’s stuff if you’re under 18).
Some banks might require you to deposit a small starting amount, like $50 or its Naira equivalent.
With the account, you can receive money from abroad directly in dollars without converting to naira first. It protects your cash from naira drops.
Fintech Apps
SEE ALSO: Why Are Nigerian Fintechs Becoming Banks? Flutterwave Joins Paystack To Get Banking License
Life is so easy already with fintech apps practically in your hands. Fintech apps let you save in dollars on your phone without visiting a bank every time.
They’re like digital piggy banks with superpowers. Major ones open to you in Nigeria include:
PiggyVest
PiggyVest allows you to save in Naira first using the Flex account, after which you can convert to dollars. They also offer dollar options that can earn some returns.
Cowrywise
Cowrywise is like your bestie for automated savings and dollar mutual funds, which is like investing your dollars in safe things that grow a little. You can start with as little as the naira equivalent of $10 on Cowrywise.
Risevest
With Risevest, you can convert naira to dollars easily and save or invest for returns (sometimes up to high percentages, but check current rates).
The options are not limited to these. There are others, like Bamboo or Muna, that can help with dollar-saving exposure.
How to Save
First, download the fintech app on your phone’s app store.
You will be prompted to sign up with your phone number and Bank Verification Number (BVN).
Next, connect to a conventional bank account and fund it with naira. You can choose to fund the account created via transfer, then convert to dollars inside the app.
There is usually an “autosave” feature that helps you save money regularly without thinking.
Saving in dollars is legal through banks and licensed apps. Rates change daily, so you don’t need to rush big conversions.
Also, the new tax law might apply to interest on dollar savings (like 10% on earnings in banks), but it won’t kill your plan to save. Always double-check the latest CBN rules or ask at the bank/app support.
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