7 Easy Ways – Piggyvest Blog (2024)

In November 2023, we explored how an exchange rate of ₦1,000/$ could impact the livelihood and dreams of Nigerians. A few weeks after that article went live, the Naira hit a historic low — trading for ₦1,851 to $1 in February 2024. While this news might be troubling, it does mean that making money in dollars is now one of the best ways to beat inflation, protect your income and build wealth in Nigeria.

You can become a freelancer, consult for international clients or give online classes to earn in dollars in Nigeria. That’s not all! You can also invest in the crypto or forex market and create a global e-commerce store — whichever method you like.

In this article, we’ll show you how to earn in dollars in Nigeria by discussing seven simple methods you can try today. Then, we’ll explore the best ways to receive this money before diving into how Flex Dollar — our dollar savings wallet — can help supercharge your savings and investments as a Nigerian. Ready? Let’s jump right in!

7 easy ways to make money in Nigeria in dollars

In today’s Nigeria, making money in dollars isn’t just a flex — it can be a lifesaver (just ask Liya!). And thanks to the internet and smartphones, almost anyone can start earning in foreign currency today.

Here are eight easy ways to make money in dollars as a Nigerian:

1. Become a freelancer or remote worker
2. Try content creation
3. Give online classes
4. Invest in crypto, stocks or forex
5. Create an e-commerce store
6. Become a consultant
7. Sell digital products

Some of these methods are easier than others, but all seven are tested and trusted ways to become a dollar-earning Nigerian. Want to learn how they work? Keep reading!

1. Become a freelancer or remote worker

As we explored in our interview with a writer who went from ₦8k/month to ₦1 million/month in two years, being a freelancer or remote worker has many benefits. You get to take meetings in your pyjamas, spend more time at home and (of course) earn in foreign currency.

Freelancing is a quick and easy way to start earning dollars in Nigeria today — as long as you have a high-income skill (like writing or content creation).

All you have to do is refine this skill, connect with clients or companies on platforms like Fiverr or LinkedIn and offer your services for a fee!

Is it that easy? It is — if you’re patient, hardworking and lucky.

The cool part about this method is that you can also learn a high-value skill and get in on the action as soon as possible. Thankfully, you can find many online resources to start you off — like this free course from edX that teaches the art of persuasive writing.

To learn more about freelancing and finding great gig ideas, we recommend exploring our article on how to earn money on Fiverr.

2. Try content creation

In recent years, individuals like Fisayo Fosudo and Korty EO have taken content creation in Nigeria to new levels. Today, you’ll find hundreds of creators sharing value, connecting with audiences of thousands, and making dollars.

These payments usually come from brand deals and partnerships, but content creators can also earn dollars from platform partner programs like the YouTube Partner Program.

The good news is that you can do it too!

All you need to get started is your phone and a reliable internet connection, and you can join millions of other creators on platforms like YouTube and TikTok.

3. Give online classes

Another excellent way to earn dollars in Nigeria is to give online classes. All you need to do is find a subject people are interested in and find paying clients! For example, you could offer cooking tutorials to Africans in the diaspora if you’re a food maestro like Tosin Samuel.

While this method is great, you can take it further by recording your online classes and putting it on a platform like Udemy. This way, you don’t have to retake the same class and can make more money with less effort — just like Frantz Kati, a Nigerian-based developer and tutor who makes up to $3,000 on Udemy.

Still, figuring out the best way to make money from online classes isn’t an exact science. Therefore, we recommend sticking to what works for you.

4. Invest in crypto, stocks or forex

You can invest in crypto, buy and sell stocks, or trade forex to earn dollars in Nigeria. However, you’ll need to start with some money if you invest in these markets.

Still, the returns can be very profitable — as long as you understand how the markets work and play your cards right. Unfortunately, these opportunities — especially crypto and forex — can be unforgiving if you don’t know how they work.

Therefore, we recommend using this method to earn dollars only if you understand the risks and are confident in your trading abilities.

5. Create an e-commerce store

Almost everyone with internet access orders stuff online these days — from food to clothes and even drugs. That’s good news because you can start a lucrative online store. And thanks to web platforms like Shopify as well as social media platforms like Instagram and Facebook, you can easily reach a dollar-paying audience without stress.

To start, find a product that a foreign market loves and then set up a store that’s easy to navigate. For example, you could create a crochet business and sell to a global audience on Twitter — as Ore Akinde did!

Of course, setting up an e-commerce store to earn money in dollars might be more challenging than we described. You might need to hire a web developer (if you want a web-based platform) or learn social media marketing (if you plan on using social media).

However, you should see results (and profit) if you invest in unique or locally sourced products that attract customers.

6. Become a consultant

Consulting might be the best way to make dollars in Nigeria if you have expertise in a particular field. Whether in areas like digital marketing, finance, IT or any other specialised field, you can offer your services to clients abroad in exchange for money.

This method is excellent because there’s always a demand for knowledgeable professionals who can provide valuable insights and solutions.

So, even if you don’t have the high-income skills needed to freelance, you can offer one-on-one consultations or even create digital products such as e-books or online courses to monetise your expertise.

Plus, you don’t have to look too far to get started. You can start connecting with potential clients on platforms like LinkedIn or freelance marketplaces like Upwork.

7. Sell digital products

Creating and selling digital products is another great way to earn dollars from Nigeria. Digital products are intangible electronic goods you can easily distribute, typically accessed or consumed digitally. They include e-books, online courses, stock photography, graphic design templates, software tools and apps.

The key to making dollars this way is to identify a market demand or niche where you can offer something unique or valuable. Then, create a top-notch product for a global audience.

To sell, you can use platforms like Selar, Gumroad or Etsy. As with e-commerce, you’ll make more money if you invest time in marketing and promoting your products through social media, email newsletters, and collaborations with influencers to reach a wider audience.

How can you receive money in dollars in Nigeria?

We’ve shown you how to earn in dollars in Nigeria. Now comes the next part — receiving your money without stress. Thanks to new technology and an ever-evolving financial technology landscape, you can choose several methods — depending on whichever works for you.

You can receive dollars in Nigeria using any of the methods below:

• Domiciliary accounts. Domiciliary (or Dom) accounts allow you to receive money directly into a Nigerian bank without opening a USD account in another country. However, this account must support international wire transfers to enable foreign parties to initiate wire transfers. To use this method, walk into almost any Nigerian bank and ask to set up a USD Dom account.
• Money transfer services. If you prefer handling cold, hard cash, money transfer services like MoneyGram and Western Union allow you to pick up your dollars at their local branches. All you have to do is provide the necessary identification, and you’re good to go!
• Mobile wallets. Mobile wallets like Wise allow you to receive dollars directly via an app on your smartphone without visiting a bank or cash pick-up centre — using a virtual USD bank account or payment link.

Most of these methods require you to open an account, and you’ll need a valid form of identification if you plan on receiving your dollars legally. We advise you to do your own research to select a method that suits your needs.

How to save and invest in dollars in Nigeria with Flex Dollar by PiggyVest

As a Nigerian, earning in Dollars is terrific, but saving dollars is even more so! Why? You get to insure your income against inflation and focus on the more crucial task of wealth-building.

Flex dollar is the way to go if you have some Naira and want to start making dollars today. But what exactly is it? In a nutshell, Flex Dollar is a PiggyVest savings feature that allows you to save money and earn 7% annual interest in dollars — all from the comfort of your phone.

Here’s a step-by-step guide to saving in dollars in Nigeria with Flex Dollar:

1. Login to your Piggyvest app.
2. Click on “Savings.”
3. Scroll down to Flex Dollar.
4. Click on “Buy Dollar.”
5. Enter how much dollars you want to purchase.
6. Select your source of funds and authorise the transaction.
7. Click on “Credit Flex Dollar.”

It’s that easy!

While you need to have some money to earn in dollars using this method, it’s a foolproof way to eat your cake and have it — you get to keep the money you already have, change your Naira to dollars and earn the accumulated interest in USD.

What’s more? You can easily convert your dollar funds to Naira whenever you want!

Final thoughts

Earning dollars in Nigeria is terrific, but it shouldn’t be your only financial goal. Instead, you should focus on optimising your life and building generational wealth using sound financial strategies like the 50/30/20 budgeting rule. In fact, you should intentionally improve your financial health in any way you can — not just through income.

A timeless method? Save! We recommend you take a page from Lade Ibikunle’s book and keep money in FX with PiggyVest today — even if you aren’t earning dollars right now.