I have being using piggyvest for about 2 years now and it has been wonderful. It has even become of better use following the fall of interest rates offered by our banks.

Current saving accounts interest rates is about 1.25% per annum.

PIGGYVEST acts as an online bank with interest rates ranging from 5 to 10% per annum.

My favorite part is the opportunity to save in dollars through their flex dollar option.

However, I noticed you can transfer this dollars from your PIGGYVEST account to a Dollar domiciliary account. Has anyone being able to transfer their dollars from their PIGGYVEST account to their dollar domiciliary account. Waiting for responses.

Thank you.

How to save in dollars with PIGGYVEST.

1) following your registration and linking your BVN.

2) transfer naira to your account. You will receive a unique provides account number. You can also credit your naira account with your debit card.

3) click on flex dollar.

4) click on save in dollars.

5) type in the amount you want to save and a naira equivalent will be shown to you. E.g you want to save 10000 dollars, you type in the amount and it will show you that you need to transfer 4.8 million naira as this is today’s conversion rate (480/$) to buy the dollar.

6) select a funding source either your flex naira or debit card. Follow the promo and it is done.

7) you get an interest rate of about 4 to 6% a year. This is way better than the Dollar dormiciliary accounts wishing are current accounts with no interest rates.

Only disadvantage is you can’t receive dollars with it, only transfer. It seems the pay to bank option has been paused for now. And if you convert to naira, you might convert at a lower rate than you bought it. However if you leave it long term, the naira is known to devalue against the dollar most times.

I am yet to use the transfer option but I hope someone here has used it.

Bro how much do they pay you per month for saving with them, does it work like student wallet

Aonkuuse:
Bro how much do they pay you per month for saving with them, does it work like student wallet

They don't pay you at all, the money you get is based on how much you save with them. It is just like a bank with a higher interest rate.

So let's say you have 100000 naira in there and it is left for a year at 10% interest rate. By the end of 12 months you would have 10k extra. There are conditions to this though. Like you can't withdraw more than a certain number of times a month.

The app just encourages saving culture. You can also lock your money with a feature called safelock.

Alright thank you

Chumachu:


They don't pay you at all, the money you get is based on how much you save with them. It is just lille a bank with a higher interest rate.

So let's say you have 100000 naira in there and it is left for a year at 10% interest rate. By the end of 12 months you would have 10k extra. There are conditions to this though. Loke you can't withdraw more than a certain number of times a month.

The app just encourages saving culture. You can also lock your money with one called safelock.

If Piggyvest gives you 10% on 100K and inflation is 14%, invariably your 100K is worth 96K by year end in terms of real pricing power.

Investment trumps savings in an economy like Nigeria where interest rates now underperforms inflation by significant margins.

Chukwuka16:
If Piggyvest gives you 10% on 100K and inflation is 14%, invariably your 100K is worth 96K by year end in terms of real pricing power.

Investment trumps savings in an economy like Nigeria where interest rates now underperforms inflation by significant margins.

True but this will be worse if left in the bank which gives 1.25%.

The better option is to save in dollars with a 5% interest rate. God help us. We are all looking for a way to preserve our wealth.

Chumachu:
How to save in dollars with PIGGYVEST.

1) following your registration and linking your BVN.

2) transfer naira to your account. You will receive a unique provides account number. You can also credit your naira account with your debit card.

3) click on flex dollar.

4) click on save in dollars.

5) type in the amount you want to save and a naira equivalent will be shown to you. E.g you want to save 10000 dollars, you type in the amount and it will show you that you need to transfer 4.8 million naira as this is today’s conversion rate (480/$) to buy the dollar.

6) select a funding source either your flex naira or debit card. Follow the promo and it is done.

7) you get an interest rate of about 4 to 6% a year. This is way better than the Dollar dormiciliary accounts wishing are current accounts with no interest rates.

Only disadvantage is you can’t receive dollars with it, only transfer. It seems the pay to bank option has been paused for now. And if you convert to naira, you might convert at a lower rate than you bought it. However if you leave it long term, the naira is known to devalue against the dollar most times.

I am yet to use the transfer option but I hope someone here has used it.

Hi, thanks a lot for this.

Please between buying dollar on piggyvest and buying usdt on binance which is more preferable and would advice someone goes for?. Thanks.

And do you think buying dollar noe at the rate of 480/$ is a good investment?. What if the dollar price falls

UrFears:

Hi, thanks a lot for this.

Please between buying dollar on piggyvest and buying usdt on binance which is more preferable and would advice someone goes for?. Thanks.

And do you think buying dollar noe at the rate of 480/$ is a good investment?. What if the dollar price falls

Both are the same. USDT and usd. However sometimes USDT sells at a higher rate than usd on binance.it had gotten to about 505 before. If you believe in crypto, go for USDT . If you want cash or fiat, stick to PIGGYVEST or dollar accounts.

One thing I believe is that the dollar is a stronger store of value than the naira. Currently CBN are carrying out measures that will help make the naira appreciate but I believe these are temporary. No one is dealing with the real source of the problem which is the monotonous economy and corruption Nigeria is based on.

If you just want to store the money for future purposes , one year or more from now. Save in dollars. The naira will still depreciate after all these theatrics Emenike os doing.

But if you want to use the money in a few months, keep in naira, I see some appreciation in the coming weeks if forex from those in diaspora flood in.

However you can still use the flex naira option on PIGGYVEST. This allows your naira appreciate by 5 to 10% a year.

Chumachu:


True but this will be worse if left in the bank which gives 1.25%.

The better option is to save in dollars with a 5% interest rate. God help us. We are all looking for a way to preserve our wealth.

Do you get to handle the actual dollars (can you transfer it to your dom account)?

If yes, do you actually spend dollars (import or travels)?

If No to Q1, you stand a risk (like you highlighted) of losing on reconversion to Naira.

Investments in the real sector while risky is a more viable option of turning capital and making profit off it. You get to affect a whole lot in the value chain, indirectly create jobs and boost inflation which boosts your selling price and profit (mind you your interest rate remains the same).

Piggyvest and ors all invest your money in other businesses like agropartnership that give them up to 30% or even more per annum - why can't you take that risk yourself?

Chukwuka16:


Do you get to handle the actual dollars (can you transfer it to your dom account)?

If yes, do you actually spend dollars (import or travels)?

If No to Q1, you stand a risk (like you highlighted) of losing on reconversion to Naira.

Investments in the real sector while risky is a more viable option of turning capital and making profit off it. You get to affect a whole lot in the value chain, indirectly create jobs and boost inflation which boosts your selling price and profit (mind you your interest rate remains the same).

Piggyvest and ors all invest your money in other businesses like agropartnership that give them up to 30% or even more per annum - why can't you take that risk yourself?

No you don’t get to handle the dollars but knowing chumachu, he already invests in all these platforms himself. Farmsponsor, forex and real estate.

I think he is talking about storing cash for any reason . Money that won’t be invested anytime soon.

UrFears:

Hi, thanks a lot for this.

Please between buying dollar on piggyvest and buying usdt on binance which is more preferable and would advice someone goes for?. Thanks.

And do you think buying dollar noe at the rate of 480/$ is a good investment?. What if the dollar price falls

The likelihood of dollar falling more than 3 to 5% for a short interval is EXTREMELY SLIM!

Let me park here, another thread to acquire knowledge. Everyone here una weldone

Dollar will depreciate further certainly buying now is buying high, get ready to buy by month end or early Jan.

Dollar coming from diaspora for this festive season will appreciate naira.

Let me park here, another thread to acquire knowledge. Everyone here una weldone

Thanks supermods for unbanning me. I really do not get the bans anymore. This will be like my 3rd ban this week.

Chukwuka16:


Do you get to handle the actual dollars (can you transfer it to your dom account)?

If yes, do you actually spend dollars (import or travels)?

If No to Q1, you stand a risk (like you highlighted) of losing on reconversion to Naira.

Investments in the real sector while risky is a more viable option of turning capital and making profit off it. You get to affect a whole lot in the value chain, indirectly create jobs and boost inflation which boosts your selling price and profit (mind you your interest rate remains the same).

Piggyvest and ors all invest your money in other businesses like agropartnership that give them up to 30% or even more per annum - why can't you take that risk yourself?

You can't handle the actual dollars but can send to your dollar account.

Sure I invest in agro partnerships and other businesses. But you know, one can't invest all capital. One needs emergency funds. So the money you just want to save in the bank, yiu can leave it in piggyvest or convert to USDT or even bit coin.

I invest like 70% of my income, thanks for the idea.

UrFears:

Hi, thanks a lot for this.

Please between buying dollar on piggyvest and buying usdt on binance which is more preferable and would advice someone goes for?. Thanks.

And do you think buying dollar noe at the rate of 480/$ is a good investment?. What if the dollar price falls

Yeah, if in the short term like few months, hold naira. I see naira appreciating soon due to fo-rex influx from those in diaspora this festive season but might depreciate again next year

But long term, a year and above and you are certain you won't use the money soon, protect your savings against inflation and save in dollars.

The dollar has proven to be a strong store of value.

legacystore:
Dollar will depreciate further certainly buying now is buying high, get ready to buy by month end or early Jan.

Dollar coming from diaspora for this festive season will appreciate naira.

Yeah but let us watch.

Chumachu:


Yeah, if in the short term like few months, hold naira. I see naira appreciating soon due to fo-rex influx from those in diaspora this festive season but might depreciate again next year

But long term, a year and above and you are certain you won't use the money soon, protect your savings against inflation and save in dollars.

The dollar has proven to be a strong store of value.

Alright, thanks alot

Chumachu:

thanks for the insight. I really appreciate

Chumachu:
I have being using piggyvest for about 2 years now and it has been wonderful. It has even become of better use following the fall of interest rates offered by our banks.

Current saving accounts interest rates is about 1.25% per annum.

PIGGYVEST acts as an online bank with interest rates ranging from 5 to 10% per annum.

My favorite part is the opportunity to save in dollars through their flex dollar option.

However, I noticed you can transfer this dollars from your PIGGYVEST account to a Dollar domiciliary account. Has anyone being able to transfer their dollars from their PIGGYVEST account to their dollar domiciliary account. Waiting for responses.

Thank you.

Pls can I use this to buy crypto, if yes sir, I need your tutorial Guide on it.

Thanks.

ogo4god:


Pls can I use this to buy crypto, if yes sir, I need your tutorial Guide on it.

Thanks.

You can’t use PIGGYVEST to buy crypto. Download binance or luno. Cheers

UrFears:
thanks for the insight. I really appreciate

You are welcome.

legacystore:
Dollar will depreciate further certainly buying now is buying high, get ready to buy by month end or early Jan.

Dollar coming from diaspora for this festive season will appreciate naira.

I'm going to take this advice and just use flex naira jeje
Was also worried about this, $480/naira seems too high.
Though, Naija economy can be funny.

4kings:

I'm going to take this advice and just use flex naira jeje
Was also worried about this, $480/naira seems too high.
Though, Naija economy can be funny.

Check the price on 30th December n take ur decision

I checked the Flex dollars option. Here are my findings:

You will buy the dollars at 480 Naira and sell at 460 Naira.

If you intend to save 200k for instance, the dollar value will be $416.66.

If you decide to get your cash back in Naira, you will sell at 460 Naira. You will be getting 191,663.6 Naira back. That's a loss of over 8k.

But if you intend to save for a year without withdrawal, you will get a 7% ROI on your $416.66 which will give a total returns of $445.82 ($29.16 interest + $416.66). In Naira, you will be getting 205,080.052 Naira (@ 460 sell rate). That's a 5k profit after a year. But if you Naira depreciate, which is likely, u will be getting more.

TODAY, I want to talk about investment apps in Nigeria that i have personally used to make some side income (which u can call passive income as a 9-5 guy).
its no longer news that the price of goods and services goes high every day and people can no longer survive on there salary along as we all need a passive income to support ourself and family .
let me start by telling you that all this app listed can be verifeid as well ad there address and document when even u want

PIGGYVEST: THE OGA OF THEM ALL!!! for a start piggvest offers you a welcome bonus of N1000 NAIRA as welcome bonus once u register.
they also offer 8 to 10% INTREST PER ANNUM which you get paid on every 1st of the new month, just like that .
now imagine u have 1 million naira in piggy and at the end of the month u will just get 10,000 as interest paid no long story
this is the link below to register on piggyvest : I use PiggyVest to save & invest securely. Sign up with my link and get ₦1,000.00 to start your own savings journey - https://www.piggyvest.com/?newref=1&ref=9a4edc96690220

How to save in dollars with PIGGYVEST.

1) following your registration and linking your BVN.

2) transfer naira to your account. You will receive a unique provides account number. You can also credit your naira account with your debit card.

3) click on flex dollar.

4) click on save in dollars.

5) type in the amount you want to save and a naira equivalent will be shown to you. E.g you want to save 10000 dollars, you type in the amount and it will show you that you need to transfer 4.8 million naira as this is today’s conversion rate (480/$) to buy the dollar.

6) select a funding source either your flex naira or debit card. Follow the promo and it is done.

7) you get an interest rate of about 4 to 6% a year. This is way better than the Dollar dormiciliary accounts wishing are current accounts with no interest rates.

Only disadvantage is you can’t receive dollars with it, only transfer. It seems the pay to bank option has been paused for now. And if you convert to naira, you might convert at a lower rate than you bought it. However if you leave it long term, the naira is known to devalue against the dollar most times.

I am yet to use the transfer option but I hope someone here has used it.

Bro abeg I fit get ur number or u chat me with 07011074344. I want to be saving my money in dollars in this piggvest u know naira is not reliable.

True but this will be worse if left in the bank which gives 1.25%.

The better option is to save in dollars with a 5% interest rate. God help us. We are all looking for a way to preserve our wealth.

If I save in dollar hope It won't require any procedure to withdraw later in future