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8 Best Apps to Save in Dollars in Nigeria 2024

By Oluchukwu Ikemefuna

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Are you trying to find apps with decent interest rates, investing platforms, and the most reliable to save in dollars in Nigeria in 2024? If the answer is yes, you simply need to read this article today.

Even though setting away money for a rainy day can be difficult, saving money over time helps us become wealthier and improves our financial condition. You have greater freedom and opportunities when you save money. For instance, you can invest more, take more trips, and practice generosity.

Finally, it’s easier to save in dollars in Nigeria in 2024 by using apps that make saving money easier and more accepted.  The majority of these resources are right at your fingertips. You can save money without going to the bank by using these applications.

We’ve put up a thorough list of the 8 best apps to save in dollars to assist you with managing your finances, saving, investing, and budgeting. With so many money-saving applications at your disposal, all you have to do to get started is register, attach a credit card, and begin saving.

To prevent choosing the incorrect decisions, make sure you take your time and read through to the finish.

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Why Should you Save US Dollars in Nigeria in 2024?

Saving in US dollars in Nigeria can provide several benefits. Firstly, it offers a hedge against currency depreciation, as the Nigerian Naira has historically experienced volatility. 

By saving in US dollars, individuals can shield their wealth from the potential erosion caused by inflation and fluctuations in the local currency.

Moreover, saving in dollars provides stability and a reliable store of value. The US dollar is widely recognized as a global reserve currency, fostering confidence in its stability and acceptance in international trade. 

This can be advantageous for individuals looking to protect their savings from economic uncertainties and financial risks in Nigeria. Additionally, saving in US dollars can facilitate international transactions and investments. 

As a widely accepted currency, the US dollar simplifies cross-border transactions, making it easier for individuals to engage in global trade and investment opportunities.

Saving in US dollars in Nigeria is a strategic financial decision that offers protection against currency devaluation, provides stability, and enhances opportunities for international financial transactions and investments.

Advantages of Saving in US Dollars in Nigeria 

Saving US dollars in Nigeria presents several advantages. Firstly, it acts as a hedge against currency devaluation and inflation, safeguarding the value of savings amidst fluctuations in the Nigerian Naira. 

This stability is crucial for long-term financial planning and security.

Secondly, the US dollar is a globally recognized and widely accepted currency, facilitating ease of international transactions. 

Individuals saving in dollars can seamlessly engage in cross-border trade, investments, and transactions, reducing the complexities associated with currency conversion and exchange rate risks.

Furthermore, saving in US dollars provides access to a more stable and robust financial ecosystem. 

The US dollar’s status as a global reserve currency instills confidence and trust, making it an attractive option for those seeking a secure and universally accepted store of value.

Additionally, holding savings in dollars offers individuals flexibility and diversification in their financial portfolio, reducing dependency on the local currency and expanding opportunities for wealth preservation and growth.

In summary, saving in US dollars in Nigeria offers advantages such as protection against currency devaluation, ease of international transactions, stability, and portfolio diversification, contributing to a more secure and globally connected financial position.

Steps to Save US Dollars Through Online Apps

By following these steps, you can efficiently save US dollars through online apps in Nigeria, utilizing the convenience and features offered by digital platforms for a stable and diversified financial approach.

1. Choose a Reputable App

Select a reliable financial app that supports dollar savings and aligns with your financial goals.

2. Create an Account

Sign up on the chosen app by providing necessary personal details, ensuring it adheres to robust security standards.

Connect your Nigerian bank account or another preferred payment method to facilitate seamless transfers between local currency and US dollars.

4. Verify Account

Complete the verification process to ensure secure transactions and compliance with the app’s policies.

5. Explore Dollar Features

Familiarize yourself with the app’s features for dollar savings, which may include creating a dedicated dollar savings account or investing in dollar-denominated assets.

6. Understand Fees

Review the app’s fee structure, including any charges associated with currency conversion, to optimize your savings.

7. Set Up Transfers

Establish a routine for transferring funds from your local account to the dollar savings account, and consider setting up automated transfers for consistency.

8. Monitor Exchange Rates

Stay informed about exchange rates to make strategic decisions on when to convert your local currency to US dollars, considering potential fees.

8 Best Apps to Save in Dollars in Nigeria in 2024

Listed here are the 8 best apps to save in US dollars in Nigeria in 2024:

1. Carbon

By creating an account and beginning to save US dollars with Carbon, you are establishing a connection with one of the safest online banks, as certified by CBN and insured by the NDIC.

Carbon provides savings options that are affordable for all Nigerians. In Nigeria, you may quickly create virtual and physical debit cards with Carbon, as well as bank accounts.

Carbon offers interest rates that are lower than those of regular banks. It has increased as you save.

At any moment during the month, you can set up automatic inflows into your investing plan.

The annualized interest rate for the Flexsave investment option is 8% for unlocked savings and 9% for locked saves. 

Investment tenors range from 28 days to 366 days, and you can invest as little as ₦100 to ₦100,000,000.

The Cash Vault Savings programme offers three, six, nine, or twelve months of savings tenors, qualifying savings amounts ranging from ₦50,000 to ₦100,000,000, and interest rates from 9.5% to 11% annualized.

2. V Bank

Another digital bank in Nigeria that allows customers to save in US dollars in Nigeira and earn a high interest rate on their money is V Bank, which is operated by VFD Microfinance Bank.

With just your smartphone, you can open a V bank account in two minutes.

A V account will provide you with a simplified online and mobile banking experience that includes quick and safe withdrawals, transfers, and bill payment.

You are in control of your financial life. Everything takes place on your phone, with no complicated fees or paperwork.

Users may establish spending restrictions, create group budgets, and keep track of their income and costs with the V app.

In order to save in dollars in Nigeria, simply download the app from the Google Play Store or Apple Store, launch it, and enter your phone number and BVN to activate your account in less than two minutes.

With V Target Savings, V Bank will pay you up to 8% in compound interest annually.

3. Kuda Bank

To Save In dollars in Nigeria is not always easy. We’ve been in that position. However, there’s a simpler method that you’ll adore. Kuda must first be downloaded.

The Central Bank of Nigeria has granted Kuda Bank a license to conduct microfinance banking. It is a free digital-only bank.

Using this software, you may open a bank account in minutes without any documentation. Since Kuda is a digital-only bank, smartphones are used for all of its operations.

Kuda has features to help you keep tabs on your spending patterns, increase your savings, and make wise financial decisions.

Customers of Kuda are eligible for 25 complimentary transfers to other banks each month. Additional bank transfers cost ₦10 each.

Holders of Kuda accounts can make free deposits at more than 10,000 branches throughout Nigeria. The platform has received over 1 million downloads and a 4.4 out of 5 Google rating.

Kuda Features

  • Spend+Save is a unique tool that lets you automatically save money each time you make a purchase using your Kuda account. Set a percentage to save when you spend to make use of this function. You have access to your Spend+Save funds.
  • Flexible Savings: You can earn interest of up to 10% while saving towards a goal.
  • Use Fixed Savings to save a lump amount for a predetermined period of time and receive interest of up to 15%.

Read also – Kuda vs Opay: Making the Ultimate Choice Between the Two Giant Nigerian Fintechs

4. Flutterwave

Flutterwave is a financial technology company that plays a pivotal role in facilitating dollar savings in Nigeria. 

Through its user-friendly app, Flutterwave enables Nigerians to seamlessly save in US dollars, providing a practical solution for individuals seeking to diversify their currency holdings and protect their savings from local currency fluctuations.

The app offers a range of features designed to simplify the process of saving in dollars, allowing users to set aside funds in a stable and globally recognized currency. 

Flutterwave’s platform is known for its accessibility, making it easy for users to navigate and manage their dollar savings with convenience.

Additionally, Flutterwave incorporates secure and efficient transfer mechanisms, ensuring that users can move funds between their local currency and US dollars seamlessly. 

The app’s integration of modern financial technologies contributes to a reliable and straightforward experience for Nigerians looking to enhance their financial portfolios by saving in US dollars.

Flutterwave stands out as a leading financial technology provider in Nigeria, empowering users to save in US dollars through a user-friendly app that prioritizes accessibility, security, and seamless currency management.

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5. Cowrywise

Cowrywise, a prominent savings and investment platform in Nigeria, offers a robust solution for individuals looking to save in US dollars. 

The platform’s user-friendly app facilitates dollar savings, providing Nigerians with an accessible and efficient means to diversify their currency holdings.

Cowrywise’s dollar savings feature allows users to set aside funds in US dollars, offering a hedge against local currency fluctuations and inflation. 

This functionality empowers individuals to build a more resilient and globally diversified financial portfolio.

The app enhances the savings experience by incorporating automated transfers and investment options. Users can easily schedule regular transfers from their local currency accounts to the dollar savings, promoting consistency in their savings strategy. 

Cowrywise further extends its services by enabling users to explore investment opportunities denominated in US dollars, contributing to potential wealth growth.

With a commitment to financial inclusion, security, and innovation, Cowrywise has positioned itself as a reliable platform for Nigerians seeking to save in US dollars. 

The app’s features align with the evolving financial landscape, offering a seamless and accessible way for users to navigate the complexities of currency management and savings in the global economy.

6. Piggyvest

PiggyVest, a prominent savings and investment platform in Nigeria, empowers users to save in US dollars through its innovative and user-friendly app. 

Recognizing the importance of diversifying currency holdings, PiggyVest provides a dedicated feature for Nigerians to save in US dollars, offering a secure and stable alternative to the local currency.

The platform’s dollar savings feature is designed for simplicity and convenience, allowing users to effortlessly set aside funds in US dollars. 

PiggyVest supports automated transfers, enabling users to establish a consistent savings routine with ease. This functionality not only fosters financial discipline but also serves as a hedge against currency devaluation and inflation.

PiggyVest’s commitment to financial inclusion is evident through its efforts to provide a seamless experience for users seeking to save in US dollars. 

The app caters to a diverse range of users, offering accessibility and transparency in currency management. As individuals navigate the dynamic economic landscape.

PiggyVest stands out as a reliable platform that facilitates dollar savings, contributing to a more robust and globally diversified financial portfolio for its users in Nigeria.

Read also – Digitalizing Saving: Piggyvest’s Journey into Becoming the Leading Savings and Investment App in Nigeria

7. Alat by Wema

ALAT by Wema Bank, as a digital banking platform, presents a convenient solution for Nigerians looking to save in US dollars. 

Recognizing the importance of currency diversification, ALAT offers a user-friendly app that facilitates seamless dollar savings for its customers.

The platform allows users to create dedicated dollar savings accounts, providing a secure space to accumulate funds in US dollars. 

This feature serves as a valuable option for individuals seeking to shield their savings from the fluctuations of the Nigerian Naira, fostering stability in their financial portfolios.

ALAT’s app is designed to simplify the process of saving in US dollars, offering an intuitive interface for easy navigation and management of funds. 

Users can initiate transfers between their local currency accounts and dollar savings, enabling flexibility and control over their currency holdings.

With a commitment to providing modern and accessible banking services, ALAT by Wema Bank stands as a reliable choice for Nigerians aiming to save in US dollars. 

The platform’s integration of digital technologies aligns with the evolving needs of users, offering a secure and user-centric environment for efficient dollar savings in Nigeria.

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8. Trove Finance

Trove Finance stands out as a comprehensive financial platform in Nigeria, offering a unique avenue for individuals to save and invest in US dollars. 

With a focus on investment opportunities, Trove Finance extends its services to include dollar savings, providing a holistic approach to financial management.

The platform’s app enables users to seamlessly save in US dollars, offering a practical solution for those looking to diversify their currency holdings. 

Trove Finance facilitates easy fund transfers between local currency accounts and dollar savings, providing users with flexibility and control over their financial portfolios.

Trove Finance distinguishes itself by not only allowing Nigerians to save in US dollars but also by offering a range of dollar-denominated investment options. 

This innovative feature empowers users to explore opportunities for wealth growth and financial prosperity within the app.

With a commitment to financial inclusion and empowerment, Trove Finance serves as a dynamic platform for Nigerians seeking to enhance their financial well-being. 

By combining dollar savings with investment opportunities, Trove Finance contributes to a more comprehensive and diversified financial strategy for users in Nigeria.


How does saving in US dollars protect against currency fluctuations in Nigeria?

Saving in US dollars acts as a hedge against the volatility of the Nigerian Naira. US dollars are often considered more stable, providing a safeguard against local currency devaluation and inflation.

Are there any fees associated with converting local currency to US dollars on financial apps?

  Fees for currency conversion vary between financial apps. It’s essential to review the fee structure of the chosen app to understand any charges associated with converting and transferring funds between local and US dollars.

Can I set up automated transfers for saving in US dollars through these apps?

Yes, many financial apps, like Cowrywise and PiggyVest, offer automated transfer features. Users can schedule regular transfers from their local currency accounts to US dollar savings, promoting consistent savings habits.

What investment opportunities are available for US dollar savings on these platforms?

Some platforms, including Trove Finance, provide dollar-denominated investment options. Users can explore opportunities such as dollar-backed investments, contributing to potential wealth growth within the app.

How secure are these apps in terms of protecting my financial data and transactions?

Reputable apps like Flutterwave, ALAT by Wema Bank, and others prioritize security. They implement encryption and other security measures to protect users’ financial data and ensure safe transactions within the apps.


In conclusion, saving in US dollars through innovative financial apps in Nigeria presents a strategic and accessible approach to financial management. 

These platforms, such as Flutterwave, Cowrywise, PiggyVest, ALAT by Wema Bank, and Trove Finance, offer users the ability to diversify their currency holdings, protect against local currency fluctuations, and explore investment opportunities. 

The user-friendly interfaces, automated transfer features, and commitment to security make these apps valuable tools for individuals seeking stability, flexibility, and growth in their financial portfolios within the dynamic economic landscape of Nigeria.

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Oluwatobi Olowe
Oluwatobi Olowe

Tobi Olowe has over 3 years of experience as a content writer specializing in Tech discoveries, site optimization, building content that rank well and boosting overall site performance.

Articles: 151

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