Saving in dollars is one of the best ways Nigerians can save their money, prevent inflation, and protect their finances against factors such as currency devaluation.
There are many apps that you can use to save money in dollars and earn interest on your money. This article will explain 5 of the best dollar-saving applications, their pros and cons, and how to use them.
Why Save in Dollars in Nigeria in 2025?
It is advisable to save your money in dollars for the following reasons:
Protect your wealth from naira devaluation, inflation, and other financial policies that can affect the naira.
You can easily make international transactions on platforms that do not have features to support using the naira.
The dollar is a fairly stable currency, and you can earn interest on your money saved in dollars.
If you are looking for a fairly stable currency where you can save money and also earn interest, then you should consider saving your money in dollars.
5 Best Dollar Savings Apps for Nigerians in 2025
RiseVest
RiseVest is a personal investment management application that helps you invest in assets abroad while you are in Nigeria. RiseVest carefully selects safe assets where you can invest your money to deliver returns.
You can build your portfolio of US stocks, rental properties, and other assets in dollars.
It is a platform you can use for long-term investment. This is the link to the Risevest website.
The downside of this platform is that some investment capital for some assets is usually high.
PiggyVest (Flex Dollar)
Piggyvest offers the Flex Dollar option for you to save money in dollars. You can fund your PiggyVest account using your naira card and then convert it to dollars.
This requires a low startup cost; with as little as 1 dollar, you can save in dollars using the Piggyvest Flex Dollar.
Piggyvest, however, does not have virtual dollar cards for you to carry out many transactions with your dollars.
You can access the Flex Dollar feature by visiting the official PiggyVest website.
Chipper Cash (USD Wallet)
With Chipper Cash, you can deposit and transfer USD to anyone. You can create a free USD wallet and transfer USD to people in Africa and the US.
Chipper Cash gives free USD virtual cards for you to make payments and carry out other transactions. There are no monthly fees, and transfers are instant. There are limited investment options with Chipper Cash.
Visit the Chipper Cash website to get started with the platform.
Trove
The Trove app is a good platform to buy US stocks and other assets. You can save in USD, invest, and get returns in USD.
Trove also has an educational platform for users to help them understand how to invest and make good returns.
To begin using the platform, visit Trove’s official website.
Barter by Flutterwave
Offers international payments and virtual dollar cards. With this platform, you can save your money in dollars, get virtual dollar cards, and carry out international transactions.
The app is ideal for freelancers who work and earn in dollars, and you can easily integrate it into global platforms.
Visit barter.me to get started.
Are Dollar-Saving Apps Safe in Nigeria?
Platforms that help you save money in dollars are safe to use even in Nigeria. Before using any application, here are a few things to consider:
The platform must be CBN-licensed or SEC-regulated. Before putting your money into any application, verify if the platform is licensed by the Central Bank of Nigeria (CBN) or regulated by the Securities and Exchange Commission (SEC).
There must be an offer of 2FA and encrypted transactions: transactions carried out on the platforms must have strong security, such as 2FA and other security tools. This ensures that hackers, scammers, and cyberattacks do not have access to your funds.
The platform should have good online reviews and an active presence on social media: visit review sites like Trust pilot and other online review platforms to see what other people are saying about the platform. Check their social media platform to see if their platforms are regularly updated.
Final Thoughts: Which App Should You Choose?
Before putting your funds into a platform, research each platform, know what its features are, and check online reviews of the platforms.
All the platforms highlighted in this article allow you to save in dollars. However, each of the platforms has its own core function. Some are for savings, some offer investments, while others are for carrying out transactions.
FAQs
Which dollar savings app gives the highest interest in Nigeria?
Apps like PiggyVest and RiseVest give you up to an 8% interest rate annually.
Can I get a virtual dollar card in Nigeria?
Yes, you can. Applications like Chipper Cash and Barter give virtual dollar cards.
Can I save in crypto like USDT instead of traditional dollars?
Yes, crypto exchange platforms like Binance offer such a service.
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