There are three major ways to buy dollar in Nigeria
NAFEM
Commercial Banks
Bureau de Change
The Nigerian Foreign Exchange Market was liberalized in 1994 with the establishment of the Autonomous Foreign Exchange Market (AFEM), now known as Nigeria Autonomous Foreign Exchange Market (NAFEM) as a medium for the sale of foreign exchange to investors and other end-users by the Central Bank of Nigeria through selected dealers at market determined exchange rate. The Bureaux de Change was introduced according the status of authorized foreign exchange dealers as alternative market. The foreign exchange market was further pluralized in 1999 with the introduction of the Inter-bank Foreign Exchange Market (IFEM) with the commercial banks as the dealers. Following the Fintech and Blockchain technologies, the market was further liberalized with some Fintech app offering the services of buying and selling of foreign exchange including exchange of digital currencies with fiat currencies.
These channels operate different exchange rates. And the multiple exchange rates is one of the challenges that characterize Nigeria’s forex market despite the effort of the government to unify the exchange rate buy floating the market.
You can buy dollar from commercial banks if have genuine reasons for such forex but due to dollar shortages as a result of low foreign investments, exports earnings and high demand for dollar coupled with racketeering by bank officials, it’s difficult to access dollar in the banks.
We have compiled list best 14 apps where you can conveniently buy dollar in Nigeria. Most of these app also allows you to save money in dollars with up to 15% returns on savings.
Best Apps to Buy Dollar in Nigeria
- Cowry
- PigyVest
- Rise
- AbokiMart
- Bundle Africa
- Barter by Flutterwave
- Binance
- Bamboo
- Trove
- Muna
- Quidax
- Chata
- Pillow Fund
- Cenoa
PigyVest Flex Dollar enables buy, save, invest and transfer funds in dollar. Buying dollar on PigyVest is very easy. Once you create account on PiggyVest, you will have a Flex Dollar Wallet. You can then fund your Flex Dollar Wallet from your PiggyVest Flex Naira Wallet or from your naira bank card. You don’t need to transfer or deposit dollar in your PiggyVest Flex Dollar Wallet. All you need is to transfer from your naira card and it will be converted to dollar for you according to parallel market prevailing sell price. You can buy as little as $1. You can withdraw your dollar savings into your Dollar denominated domiciliary account, or in Naira into your local bank account at prevailing buy price at the parallel market.
PigyVest offers 7% interest rate on your dollar savings.
PigyVest also offers savings in Naira and investment opportunities. See more on PiggyVest website
AbokiMart
AbokiMart is a currency exchange platform that makes currency acquisition easier. It’s a platform that connects community of domestic and foreign currency sellers and buyers. With AbokiMart, you can buy dollar or any other currencies from list of sellers available in your market domain and have dollar sent directly into your Dom account at the comfort of your home.
AbokiMart ensures security of its community of users and success of all transactions by carrying out due diligence on every registered customer and monitoring all transactions.
There are 4 steps to buying dollar on AbokiMart:
Log onto AbokiMart.com.ng
Enter the amount you want to exchange, and select the currency you want in return.
From the pool from available FX bids, select seller that meets your choice in terms of rates, delivery methods, timing and overall ratings
Make your payment transfer, and get your forex into your Dom account.
Binance
Binance is a major cryptocurrency trading platform in the globe. The app can be used to buy, sell, and store various coins.
You can buy dollar by exchanging your digital currencies
Due to the lack of direct deposit option in Nigeria. Nigerians can simply fund their Binance accounts by connecting with other Nigerians interested in selling and buying, using Binance’s safe P2P trading method. With the new guidelines by the CBN directing commercial banks to resume processing of cryptocurrency transactions, it will easier for Nigerians to buy and sell currencies on Binance.
Cenoa
Cenoa Wallet offers the option of buying digital dollars (USDC) to investors and other individuals who want to save in dollars as the USDC can be converted to USD at any time.
To buy USDC on Cenoa, download the app, create an account, fund your wallet, Cenoa will hold the funds in USDC, which is convertible to USD anytime you intend to withdraw your holdings. You get up to 5% interest yield and you can withdraw your fund at at any time without any penalties.