How to save your Naira in Dollars with Piggyvest

Looking for a way to consistently save Naira in dollars in Nigeria?

If yes, then you are not alone.

Many young Nigerian millennials are now interested in saving in dollars, as the inflation in Nigeria continues to bite harder.

But beyond the interest in saving is the process of opening and operating a foreign account in Nigeria.

In reality, this is nothing short of cumbersome.

To save in dollars, you'll have to first open a domiciliary account, then get two references with a similar account type, then go to a Bureau De Change to purchase dollar notes, then head to the bank to make a deposit.

That's a process many millennials wouldn't want to go through just to save in dollars.

Fortunately, a few fintechs in Nigeria have now simplified the process of saving in Naira and dollars without having to visit the bank or a Bureau De Change for that matter.

One of such fintechs is Piggyvest, a mobile tech company that has promised to simplify savings and investment for Nigerian millennials and GenZs.

Since 2019, I've used Piggyvest to save and invest, and honestly, I've not had one reason to regret using the app.

That is why I'm writing this post to show you how to use the Piggyvest app to start saving your Naira in dollars from right where you are in Nigeria.

Let's get right to it.

Using Piggyvest to save in Dollars

On the Homepage, click the savings tab on the app footer.

On the savings page, scroll down and click on the Flex Dollar card with the tag 'GET USD'.

On the Flex Dollar page, click on 'Buy Flex Dollar' with the dollar symbol.

This Flex Dollar account give an interest of 7% per annum, which is calculated and accrued daily, and paid every month.

On the next page, simply add the amount of dollars you want to add to your Flex Dollar account on Piggyvest.

The equivalent amount to pay in Naira is automatically calculated and displayed below the dollar amount imputed.

Once you've confirmed the amount to pay, you'll be asked to select your source of funds.

You can fund your Flex Dollar account either with a debit card already used on the app or via your Flex Naira wallet on the app.

The Flex Naira is the equivalent of the Flex Dollar on the Piggyvest app where users can save in Naira.

After selecting your source of funds, you can then toggle on the toggle switch to confirm your dollar purchase and click on the button below to 'Credit Flex Dollar'.

Faster Dollar Purchase on Piggyvest

In my experience, if you want to purchase dollar fast on Piggyvest without any hassle, then it is better you select Flex Naira as your source of funds.

So, before attempting to purchase dollars on the platform, make sure that your Flex dollar is already credited with the amount of money sufficient enough to make your dollar purchase, then proceed to funding your Flex Dollar wallet.

Frequently Asked Questions (FAQs) on saving in dollars with Piggyvest

What is the minimum amount of dollars to purchase on Piggyvest?

There is no minimum amount of dollars specified by Piggyvest.

That means, anyone can start saving their Naira in dollars with as low as $1 and grow from there.

When can you withdraw your Dollars?

The Flex Dollar account on Piggyvest works just like the Flex Naira account on the app.

Users are free to withdraw their funds at any time, as the wallet operates just like a flexible savings account.

So, your saved dollars are always accessible and available for liquidation whenever you want.

Is there a minimum amount of dollars to withdraw from Flex Dollar?

Just like when making a deposit, there is no specified minimum withdrawal threshold on the flex dollar wallet.

Users can withdraw as little or as much as they want on their available dollar balance on the app.

Can you withdraw to your dollar account in another bank?

Yes. Users can withdraw from their flex dollar account to their dollar domiciliary account in any Nigerian bank.

They can also withdraw to any other USD denominated account owned by them.

Withdrawing to a Nigerian domiciliary account will attract $20 in charges while withdrawing to other dollar accounts will attract $70 in charges.

However, the simplest and fastest way to withdraw your dollars without any charges on the app is to just convert your dollars to Naira and send it to your Flex Naira wallet.

Simply click on 'Convert To Naira' on the Flex Dollar account page and follow through the process.