Is It Possible to Save in Dollars? Yes, and Here’s How!

Samuel Awosoga
Published: January 20, 2025

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We get it. Saving is hard. Saving in Nigeria? Even harder. Saving in dollars? Well, that feels like trying to climb Olumo Rock without shoes.

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But here’s the good news: it’s more possible than you think. With apps like Doubble, which allows you to save and invest in both naira and dollars (offering returns of up to 22% per annum), saving in dollars isn’t just a distant dream anymore—it’s something you can start today. And in today’s Nigeria, where every day feels like a rainy day, that’s more important than ever.

 

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Naira, Meet Inflation

Let’s start with the elephant in the room: the naira. We love it, but let’s be real—it’s been going through some things. Inflation, devaluation, fuel price hikes, and well, you know the rest. The naira isn’t stretching as far as it used to. So, if you’re feeling like you can’t keep up with your usual savings, you’re not alone. But that’s exactly why saving in foreign currency, like the dollar, is starting to make a lot more sense. It’s a way to hedge your savings against the unpredictable shifts in our local currency.

Saving in Dollars—Why Even Bother?

Now, let’s address the big question: why save in dollars when even saving in naira is a struggle? Well, because saving in dollars is like giving your money a shield—protecting it from the financial hurricanes that seem to keep hitting us from all sides. While the naira may be doing gymnastics, the dollar tends to be a bit more stable, which means your savings can hold their value better over time.

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Rainy Days are Here—Time to Be Prepared

Remember how we used to say, “save for a rainy day”? Well, let’s be honest, it’s been raining for a while now. You don’t want to wait until the storm hits before you think about savings. With rising costs of living, and unexpected expenses becoming the new norm, your savings account is no longer an afterthought—it’s your lifeline.

Practical Tips to Get Started

So, how can you start saving in dollars without feeling like you’re giving up everything? Here are a few tips to make it happen:

  1. Start Small, but Start Today
    You don’t need to have wads of cash to start saving in dollars. Apps like Doubble allow you to start with as little as $10. It’s not about how much you save but how consistently you do it.
  2. Think Digital
    Doubble also allows you to convert naira to dollars and save in USD wallets. Use these to gradually build your dollar savings. Even if the exchange rate isn’t favorable today, think long-term. The key is to start, not to wait for the perfect time.
  3. Make it a Habit
    Consider automating your savings. Set a percentage of your monthly income, no matter how small, to go directly into your dollar savings. That way, you don’t even feel the pinch—you’ll be surprised how quickly it adds up.
  4. Diversify Your Savings
    Don’t just focus on dollar savings. Combine it with naira savings, investments, or even low-risk assets like gold. This way, you’re balancing your financial risk and preparing for different types of rainy days.
  5. Use Dollar Savings for Big Goals
    If you’re saving for long-term goals like traveling, education, or even buying that tech gadget you’ve been eyeing, saving in dollars can help you reach your goal faster without worrying about currency fluctuations eating into your savings. Doubble’s Fixed Plan is perfect for this and offers you returns of up to 10% p.a.

 

The truth is, saving in dollars may seem like a hard task at first, but once you start, you’ll realize that it’s not only possible—it’s smart. In a world where financial uncertainty is the only certainty, building a nest egg in dollars can be the raincoat that keeps you dry during the storm. So, start small, stay consistent, and watch your dollar savings grow.

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