With the Nigerian Naira witnessing a gentle decline towards the US greenback because of shortage, the plight of savers within the nation has intensified. The persistent devaluation of the Naira has made saving within the native foreign money more and more unattractive, prompting many to discover various avenues to safeguard their wealth.
As of December final 12 months, the Nigerian Naira skilled a staggering 55 % devaluation towards the US greenback. Elements contributing to this depreciation embody the Central Financial institution of Nigeria’s choice to unify change charges, coupled with dwindling oil revenues and protracted inflation, making a difficult financial panorama for Nigerians.
Information from the Monetary Markets Sellers’ Quotations (FMDQ) highlights the severity of the state of affairs, with the official change charge hovering and the parallel market witnessing a major depreciation of the Naira towards the greenback.
In mild of this predicament, many Nigerians are turning to greenback financial savings as a way of defending their wealth from the volatility of the native foreign money. Greenback financial savings not solely supply stability but additionally present entry to a broader array of worldwide funding alternatives, together with world monetary markets and overseas change buying and selling.
A number of fintech apps have emerged as saviors for Nigerians searching for to avoid wasting in {dollars}. Listed here are 5 main platforms facilitating greenback financial savings in Nigeria:
- Piggyvest: This widespread Nigerian on-line investing and financial savings platform helps each US {dollars} and Nigerian Naira. Customers can earn as much as 10 % annual curiosity on their financial savings whereas having fun with the flexibleness of limitless deposits and no withdrawal prices.
- Muna: Launched in 2021, Muna Pockets provides numerous secure cash for financial savings, together with Bitcoin and USDN, with a beautiful 15 % annual rate of interest. Customers profit from a number of financial savings plans and every day rewards.
- Cowrywise: Based in 2017, Cowrywise facilitates greenback financial savings and investments, providing customers as much as 8 % curiosity each year. The platform additionally permits funding in cryptocurrencies, Halal financial savings, and mutual funds.
- Rise: Rise permits Nigerians to avoid wasting in {dollars} and put money into dollar-denominated property, offering safety towards native inflation and foreign money devaluation. Based in 2014, Rise provides engaging funding alternatives in partnership with Chaka.
- Bamboo: As the primary on-line brokerage service in Africa, Bamboo offers entry to US and world securities, providing customers as much as 8 % curiosity on greenback financial savings. Based in January 2020, Bamboo’s fixed-income dollar-denominated platform offers a safe avenue for saving idle funds.
Amid financial uncertainties, these fintech apps are empowering Nigerians to navigate the difficult monetary panorama and safe their monetary futures with greenback financial savings.
