Living in Nigeria and earning in dollars has become many people’s dream, not only does it provides stability, the US dollar is a faster route to build wealth.
With the high exchange rate from the dollar to the Naira, having to earn a few dollars will change your life for good in Nigeria and make you comfortable.
However, being in Nigeria and earning in dollars doesn’t come easy because you have to know how it is done.
The best way to earn the US dollar while living in Nigeria is to learn how to make money online, since you are not present in any foreign country, it would be difficult to earn in such currency without having a prior connection to that nation.
However, the internet has provided us with an advantage when it comes to earning in foreign currencies.
What Is The US Dollar?
The United States dollar is the official currency of the United States of America. The U.S. dollar is considered a benchmark currency and is the most used currency in transactions across the world.
In addition, it is used as the official currency in many territories outside of the U.S. to settle global trade.
Why should I earn In the US Dollar in Nigeria?
The U.S. dollar as a global reserve currency has deep roots all over the world as many nations use it as a benchmark to their respective currencies.
This began after the fall of the gold standard when it became difficult to maintain across the globe.
Everybody can sell their skills and services for money on the global online market, and earn in US dollars. Here are reasons why you should earn in the US Dollar.
1. The U.S. dollar has a higher value.
The U.S. Dollar is substantially higher than any currency in the world, even the Naira. As of the time of writing this piece, $1 equates to 700 Naira.
The US dollar is used as a benchmark currency to which every economy is developed. Imagine you earn 1,000 Dollars for a service you rendered to a client in the US; this amounts to a whopping 700,000 Naira in Nigeria.
This amount can be used to do a whole lot of things for a family and is even far bigger than the Nigerian minimum wage.
2. The US dollar is stable.
The Dollar is a reserve currency in the world, hence it hardly loses its value. It attracts little or no volatility because nations all around the world buy US debts when their currency is getting stronger and they want to devalue their currency.
When you earn in Dollars as a Nigerian, you can expect the value of your earnings to be worth higher when converted to the local Nigerian Naira.
3. Saving in Dollars is safe.
Saving in your local currency is not advisable when the government of the day is not stable. However, this can be avoided when you earn and save in the US dollar.
When you save in Dollars, the value of the money you save is less likely to depreciate in the long term.
4. The dollar is a Faster means of wealth creation.
Earning in Dollars will help you build wealth faster as a Nigerian. It will help you achieve your financial goals faster.
When you earn in Dollars, you can achieve your money goals faster, due to its global reserve status and acceptability. Earning in Dollars helps families and individuals hedge against inflation.
How do I earn in the US Dollar in Nigeria?
Everyone can now earn easily in Dollars thanks to the global nature of the world. Earning in Dollars anywhere around the world is not difficult.
Right from your home in Nigeria, and any part of Africa you can render services and get paid in Dollars. Do you want to make money in US dollars? Here is how it can be done.
1. Start Blogging.
Your duty as a blogger is to write on topics that you are knowledgeable about, and also what your audience would love, you can build passive income that brings in lots of earnings in US dollars.
I wrote a comprehensive guide on how you can start a successful blog. Check out the link to the article to learn more.
2. Start a YouTube channel.
Knowledge about a particular topic is simple enough to build your passive income for the rest of your life on YouTube.
I wrote a comprehensive guide on how you can become a successful YouTuber. Check out the link to the article to learn more.
3. Become a Freelancer.
I wrote a comprehensive guide on how you can become a successful freelancer. Check out the link to the article to learn more.
4. Day-trade cryptocurrencies.
Having a great understanding of how to also profit from cryptocurrencies remains a challenge, hence people tend to disregard it. One of the most well-known ways to use cryptocurrencies to build riches is crypto trading.
Cryptocurrency trading entails buying and selling a crypto coin that fluctuates sharply throughout by purchasing when the charge is declining and selling out when the charge is increasing.
I wrote a comprehensive guide on how to become a day-trade cryptocurrency. Check out the link to the article to learn more.
5. Start Affiliate Marketing.
Affiliate marketing is mostly concerned with assisting another person in promoting their goods in exchange for a commission.
Affiliates get paid in US dollars when they recommend goods and services to their respective audience.
6. Create online courses.
First, you’ll need to determine what topic your course will cover. Next, you’ll need to create some promotional materials, such as a course description and pricing information.
Finally, you’ll need to host your course online and set up a payment processing system and start selling your courses.
These platforms allow you to create a course and sell it to learners around the world. They also provide tools to help you market and promote your course.
I wrote a comprehensive guide on how to create a successful online course. Check out the link to the article to learn more.
7. Invest in Stocks.
You can build passive income earning in U.S. Dollars by investing in U.S.-based stocks. This can achieve this by diving into the global market and owning shares of companies abroad, particularly in the US.
As an investor, investing your money outside of your home country helps to hedge your portfolio against various risks.
A dollar-investment company that gives you access to a portfolio of 30 high-growth stocks and real estate across the US market.
I wrote a comprehensive guide on how to invest in U.S. Stocks and become successful. Check out the link to the article to learn more.
8. Get a Tech-Skill.
Tech skills are hard skills that are necessary to perform specific job-related tasks. Technical skills involve specialized knowledge and expertise in information technology, computers, and engineering.
These practical skills help you build income in careers in technology-related fields. With a lot going on in the digital world, there is a huge demand for tech workers all over the world, and the good news is that it does not matter where you live currently, anyone with the right experience can always get a tech job and start earning in U.S. Dollars.
I wrote a comprehensive guide on how to get started in tech with no experience. Check out the link to the article to learn more.
9. Join Fiverr.
Fiverr is the biggest online marketplace for digital freelancing services in the world. Fiver was launched in 2010, their network is rapidly expanding with more than 1.9 million gigs across 120 categories listed each day and still counting.
Thanks to Fiverr, freelancers from across the world are now easily making up to one thousand dollars each month. If you want to make money on Fiverr, work on making your profile look attractive and professional.
I wrote a comprehensive guide on how to get become successful on Fiverr. Check out the link to the article to learn more.
10. Buy Stablecoins.
A stablecoin is a type of cryptocurrency designed to keep a constant one-to-one value with the U.S. dollar.
Stablecoins are not investments, instead, all they do is offer liquidity for crypto traders looking to purchase other cryptocurrencies seamlessly on exchanges.
The value of stablecoins is pegged to the U.S. dollar. That means that one USDC should ideally always be worth one dollar.
Let’s assume you earn in Naira, and you want to store your money in value, buying stablecoins such as USDT or BUSD is one way you can own dollar-dominated assets.
I wrote a comprehensive guide on how to begin investing in cryptocurrency. Check out the link below to the article to learn more.
- How To Create Your Cryptocurrency and Make Money
- Beginners Guide To Understanding and Investing In Cryptocurrencies
11. Start an Export Business.
Exportation is one avenue that enables a country to bring in revenue. Nigeria is so rich in human and natural resources, one of which can be harnessed by packaging them to be sold to the international market.
The food and agricultural products exportation business is very profitable because the demand in Europe, America, the United Kingdom (UK), Germany and Canada and other countries is fast rising because of the increasing population of Africans.
If you need to export goods or services, a one-time registration procedure is being completed in most countries.
Such export licence may be obtained from the concerned government department if required in Nigeria.
One importance attached to Exploration is that you get to earn in U.S Dollars, the prices of goods and services all over the world are priced in dollars internationally to ensure stability.
I wrote a comprehensive guide on this blog on how to start a successful export business. Check out the link to the article to learn more.
13. Become a Forex Trader.
A forex trader is someone who trades currencies through the foreign exchange market. Forex traders might be professionals working for a group of clients or a financial firm or amateur traders who profit directly from their trades.
Independent Forex traders, for example, profit by buying and selling currencies based on current market trends. Forex trading allows you to invest and earn in U.S Dollars.
I wrote a comprehensive guide on how to become a successful Forex trader. Check out the link to the article to learn more.
14. Join Upwork.
Just like Fiverr, there are so many kinds of jobs you can find at Upwork such as writing, data entry, social media management, technical writing, programming, contracts, web design, graphic design, business plan writing and many more.
Anyone can be in Nigeria, U.S., India, South Africa or any country at all and earn income. Also if you are looking to make money full-time online, then Upwork should be one of your channels, and I have also seen beginners, people with skills and no major educational background making a good income via Upwork.
What matters most is your skill. If you are skilled at what you do, you will succeed on Upwork. You also need to be fluent in English or any other major languages like German, Spanish, or French because apart from skills, you will need them to communicate.
15. Develop a mobile app.
One way to earn money in U.S. dollars is to develop an app that the majority would use. You also need to come up with a great app idea that people would need, and once you can do that you can list your app via Google play and make money with Ads or other means you feel like.
16. Start an Amazon Business.
Almost 90% of all American shoppers use Amazon, and as a result, Amazon is now the largest retailer in the USA.
This makes Amazon a popular choice for sole traders and limited companies as it provides enhanced exposure and access to millions of potential customers online.
or one, having an Amazon seller account gives you access to a ready-made customer base of millions of people who use Amazon daily.
Finally, Amazon seller accounts come with Amazon Seller Central, which includes several helpful tools and resources that can make it easier to run your business.
This includes customer support, order management and reporting features. Anyone can sell on Amazon irrespective of where you are in the world, all that is needed to be done is to get those products shipped to the U.S.
I wrote a comprehensive guide on how to sell on Amazon as a Foreigner. Check out the link to the article to learn more.