There is a current economic downturn in Nigeria which means the naira is devalued against the dollar and due to inflation, the cost of goods and services is high.
Currently, it’s better to save and earn dollars while living in Nigeria than to earn and save in Naira. With a few dollars, you can get a lot of naira since its demand is high.
Here’s how:
1. Forex trading
Nigerians earn from dollars from forex trading in various ways, but it's important to note that there are inherent risks.
Common methods include trading, day trading, swing trading, scalping, and copy trading. These strategies involve buying low and selling high based on short-term currency price changes, capitalising on intraday price shifts, holding positions for days or weeks, and using trend analysis for profitable entry and exit points. Learn about forex before diving into it.
2. Remote jobs
Remote jobs can be done no matter where you are in the world. If you get a remote job, you are likely to be paid in dollars. What makes remote jobs so attractive is how flexible they are, since staying in an office all day is not required. It should be noted that issues might arise with remote jobs since there is less job security and the absence of perks like healthcare.
Find remote jobs on websites like Flex Jobs, Solid Gigs, Just Remotely, Indeed, and LinkedIn.
3. Cryptocurrency
Nigerians can earn money(dollars) in cryptocurrency through trading, peer-to-peer trading, staking, lending, mining, affiliate marketing, content creation, and airdrops and bonuses. Trading involves buying and selling cryptocurrencies on platforms like Binance and Luno, while P2P trading involves exchanging cryptocurrencies with others.
Staking involves locking up cryptocurrencies in staking pools, while lending involves lending cryptocurrencies to earn interest.
Mining, particularly proof-of-work coins like Bitcoin, is less common due to complexity and energy requirements. Affiliate marketing earns commissions by promoting crypto exchanges and services. All these require careful study before engaging in them.
4. Invest in the US stock market
While there is some risk involved, buying US equities or internationally oriented exchange-traded funds (ETFs) can expose you to dollar-denominated assets and yield long-term gains.
5. Work for international companies
Some international companies have operations in Nigeria. Companies like Microsoft offer employment opportunities with dollar salaries for Nigerians. Focus on getting jobs in international companies, and you will be free from the shackles of the inflated naira.