5 Legit dollar‑saving accounts that work for Nigerians

Dollar‑denominated savings provide a hedge against local currency volatility while offering potential returns. Today, both traditional banks and digital platforms offer reliable solutions for holding and growing US dollar balances.

From classic domiciliary accounts with global debit‑card access to fintech options that let you fund in naira and save in dollars, these five accounts combine ease of access, transparent fees, and attractive features.

Whether you prefer in‑branch services or seamless mobile experiences, these accounts can help protect and grow your dollar savings.

• GTBank domiciliary account

Available in US dollars, British pounds, and euros, GTBank’s domiciliary account lets you fund your account via cash deposits or inward remittances and make withdrawals at any branch or ATM.

There is no daily minimum balance or monthly maintenance fee, and you receive a prepaid debit card for point‑of‑sale and ATM transactions worldwide. Internet banking and a mobile app give you real‑time balance updates, international transfers, and easy currency management, all without hidden charges.

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• Access Bank domiciliary account

With a one‑off opening deposit of just $100 (or equivalent in pounds or euros), Access Bank’s domiciliary account requires no minimum daily balance and carries zero monthly maintenance fees. You can request a customised cheque book, make unlimited withdrawals, and enjoy free inward remittances.

Balances above $100,000 earn a nominal interest rate, and cash‑handling charges apply only at competitive bank rates. This combination of low entry requirements and free routine services makes it ideal for both individuals and businesses.

• UBA domiciliary account

UBA’s domiciliary account opens with a simple zero‑balance requirement, needing only your biometric verification, valid ID, and BVN. Once active, you can receive and send dollars through remittances, perform instant transfers to other banks, and withdraw cash at any UBA branch.

There are no account maintenance or withdrawal fees, and you gain access to UBA’s 24/7 online and mobile banking platforms. This account is particularly convenient for frequent travelers and students studying abroad.

• PiggyVest Flex Dollar

Flex Dollar lets you save in US dollars within the PiggyVest app by funding your account in naira. Your naira is converted using market‑reflective rates, and you earn up to 7% interest per annum, paid monthly.

There are no lock‑in periods, so you can withdraw your dollar balance at any time back into naira or as dollars into a domiciliary account. PiggyVest’s automated reminders, goal‑setting features, and no‑hidden‑fee policy make it a user‑friendly choice for digital‑first savers.

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• Cowrywise dollar mutual funds

Cowrywise enables you to invest in dollar‑denominated mutual funds with as little as the naira equivalent of $10. Contributions are converted at competitive rates and pooled into professionally managed funds that invest in low‑risk, income‑generating instruments such as Eurobonds and money‑market securities.

Although returns vary based on market performance, Cowrywise provides regular portfolio updates, transparent fee structures, and the option to withdraw after a minimum 90‑day lock‑in. It’s an accessible way to build a diversified dollar savings portfolio.

By diversifying across these options, Nigerian savers can mitigate currency risks, earn competitive returns, and maintain flexible access to their funds.

Always compare fees, withdrawal terms, and interest or returns before committing, and consider spreading your dollar savings across multiple accounts to optimize security and growth.

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