In recent times, the question ”How to earn in Dollars?” seems to be the question on everyone’s lips, and this is not far-fetched considering how unstable the Nigerian economy has been with daily increases in the price of things.
It is so bad that the price of a thing in the morning may not be the same at noon when checked again. This has led to a lot of people making enquiries as to how to better survive the economy. From all indications, it is clear that only a certain category of people are still smiling in this era, and such category will be those earning in dollars.
You may be wondering why and how this is so. Well, imagine a scenario where you work for a foreign client, and perhaps earn in dollars, let’s assume you make an average of $500 a month and with the current exchange rate standing at approximately #1700 (Naira) to $1, what that means is that you will be smiling home at the end of every month with about #850,000 when converted to Nigerian Naira.
You and I both know that that’s a whole lot in Nigeria’s economy because you will have to attain the peak of your career to earn money in Nigeria. To think that $500 is merely scratching the surface, as so many others make way more than that.
With the Dollar becoming particularly popular in the market, it has become almost a necessity for Nigerians to start earning in Dollars and spending in their local currency. Earning in Dollars will more than protect you from the currency devaluation prevalent in Nigerian society today.
5 REASONS WHY YOU NEED TO START EARNING IN DOLLARS
If you are still wondering what the fuss is about, I’m here to tell you that there is indeed no fuss as earning in Dollars right now as a Nigerian is the truth for the following reasons:
1. HIGHER VALUE
Earning in dollars will offer you higher purchasing power than your counterparts earning in Naira. When converted to local currency, dollars go further today than equivalent naira income due to differences in appreciation rates.
This does not mean you will not feel the impact of the inflation in the country, you will just be in a better situation than when you earn and spend in naira. Imagine being paid $500 monthly, this will amount to #850,000 when converted to Naira, and it’s more than what most employers could be earning in Nigeria.
2. STABILITY
The dollar is one currency that hardly loses its value, quite opposed to the naira which is unstable and keeps depreciating due to the unstable economy of Nigeria. Economically stable foreign currencies tend to hold value better as a savings, investment and retirement nest for Nigerians instead of the more volatile naira.
What this means is that if you decide to keep the Dollar amount earned, you will have it at a higher amount later in future when you convert it to Naira.
3. SAVING APPRECIATES
The likelihood of the money saved in Dollars depreciating is quite low compared to money saved in naira.
It is likely to be appreciated here as earning and saving in Naira makes your money susceptible to depreciation over time due to the Naira being easily affected by market fluctuations.
Recently, the Naira has depreciated so much that it has thrown Nigerians into a state of confusion as to what to do, which could be the reason why you are here seeking out this article.
4. FASTER WAY OF BUILDING WEALTH
It is no news that earning in Dollars will help you attain your financial goals faster. The state of the Nigerian economy has left many Nigerian families struggling to survive. The only way out of this is to figure out how to earn in Dollars as that offers a faster means of getting wealth.
Various ways you can earn dollars while in Nigeria are included at the end of the article.
5. ACCESS TO INTERNATIONAL MARKETS
Earning in Dollars can provide access to international markets and investment opportunities, allowing individuals to diversify their investments and potentially increase their wealth. This is especially so because it is widely recognised and accepted around the world, making it easier to use for international transactions and investments.
WHAT YOU CAN DO TO EARN IN DOLLARS
At this point, you may be wondering if it is possible to earn in Dollars without leaving Nigeria. As the bearer of good news, I’m here to tell you that it is very possible to earn in Dollars whilst still living in Nigeria.
This has been made possible by the advent of technology and global communication tools such as the internet, making it possible for anyone with the right skill set to earn in Dollars.
All you need to do is to put yourself in a position that will make you earn in dollars. If you are still confused about what to do, here are a few ideas of what you can do to earn in dollars:
FREELANCING
This is one of the most popular ways to earn dollars in Nigeria today. All you need for this to be possible is a mobile phone, a laptop and a good internet connection. In addition, you could also learn some highlight-incomes such as online writing jobs, editing jobs, data entry jobs, virtual assistance and many more.
There are also sites where people pay for these services. All you need to do is download the mobile app, register on such platforms, render the services and get paid.
Such platforms include; Upwork, Fiverr, Freelancer, Guru, Indeed and many more. Most of these sites pay in dollars.
BLOGGING
Blogging is another way to tap into the lucrative digital economy and earn steady dollars. What you need to do is choose a blog niche you’re passionate about that also appeals to Nigerian and international audiences.
Topics like tech, business, pop culture, and fashion tend to resonate well. You start to create useful content that solves problems for the readers in your chosen niche. Include tips, product reviews, insights, etc.
When your blog starts to get noticed, you can monetize your blog.
As your blog traffic and digital influence grow, you promote products or services that pay you in Dollars, which you can then convert to Naira.
Blogging takes dedication but when done strategically, it is a feasible path for tech-savvy Nigerians to earn residual income in Dollars from the comfort of their home regardless of location.
FOREX AND CRYPTOCURRENCY TRADING
Digital, decentralised platforms for trading and exchanging international currencies are provided by cryptocurrencies and FX. Similar to stock values, the prices of cryptocurrency assets and currencies are always subject to speculation, news events, and market forces. Through active trading, there is a chance to gain money in these volatile markets.
Astute Nigerian traders can benefit from stable dollars by purchasing cryptocurrencies or currencies when prices decline and selling them when they increase.
For Nigerians, regardless of region or background, stateless digital currency and FX markets offer a flexible option to produce additional or even primary dollar income. This is as long as one possesses trading expertise, and internet and device access.
Dollar profits through forex and cryptocurrency trading are regularly reachable with the correct licenced platforms, risk management, and prudent trading.
SOFTWARE ENGINEERING
Software Engineers who are in charge of creating mobile applications and websites stand a strong opportunity to make money in dollars. All you have to do is learn how to code and build apps that address common problems. You can earn money from each download. You will encounter customers who will pay you in dollars once you have mastered this talent.
Simply put, once you acquire the necessary skills, you may be able to work for other employers for dollars. Video blogging, digital marketing, online product and service sales, stock market investment, online language learning, photo and video sales, content production, email marketing, social media management, etc. are a few of these.
As you are aware, the list is not all-inclusive, therefore the best you can do is find one that best suits you and start making some cool cash.
CONCLUSION
Since the internet era and globalisation have created so many chances, earning in dollars has become a realistic goal. Although the prospect of financial gain is alluring, you should be aware of the risks associated with any endeavour, especially those involving trading.
However, as all other jobs require knowledge of certain highlight salaries, you can boost both your income and financial stability in dollars by working hard, staying focused, and being determined. All you have to do is possess the appropriate knowledge and skills. Fortunately, if you are confused, this post can help you figure out where to start.
Click here to read: A Better Approach to Saving in 2023
