The naira, official currency of the Federal Republic of Nigeria, has been on a bearish run against the United States dollar for close to a decade. Much of this is due to the poor performance of the Nigerian government.
The dollar isn’t perfect and has also lost some value over the years. However, it’s still the benchmark currency for foreign transactions across the world. As a result, it’s normal for anyone to want to earn dollars.
If you’re in Nigeria, it’s possible for you to earn in dollars. In this post, you’ll find out the best ways of how to earn in dollars in Nigeria. First of all, here are some of the benefits of earning in dollars in Nigeria.
Benefits of Earning in Dollars in Nigeria
The primary reason why you should end in dollars is the value. The naira is more likely to lose value than the US dollar, and you can convert your dollars to naira at any time.
Value also has to do with stability. Take the dollar and naira out of the picture. There are other currencies in the world. The US dollar fares better in comparison with, say, the euro or pounds, or CAD, or even Ghana cedis and SA rands.
These are the primary benefits of earning in dollars. However, there are other secondary benefits that may relate to a particular person. So, apart from value and stability, how would earning in dollars benefit your plans? You can answer that later. For now, check out the ways to earn dollars in Nigeria below.
How to Earn in Dollars in Nigeria
1. Get Foreign Jobs
As mentioned before, the US dollar is the benchmark currency for international transactions. Therefore, if you land a foreign – particularly remote – job in Nigeria, you will most likely be paid in dollars.
This mainly has to do with freelancing. You could be a writer, designer, translator, marketer, etc. Just get foreign clients in Europe or North America.
Thanks to the internet, doing this isn’t a herculean task. You can find foreign clients to offer your freelance services on platforms like Upwork, Fiverr, and social media platforms like LinkedIn and Twitter.
All you need to do is to have a valuable and marketable skill. Start advertising and pitching your services and the clients will come. When they do, set up a convenient payment channel for them to pay you in $$$.
2. Blog or Vlog
You can start a blog or vlog (video blogging, YouTube) and start earning in dollars. It involves featuring ads on your blog or in-between videos, and you get paid when people view or click on them. Easy, right? Well, not so much.
Google Adsense is the most popular advertising platform and, in every way, the best you can use. To qualify for Google Adsense as a blogger, you must create valuable and authentic posts – just like this one you’re reading. You can see some Google ads featured on this page.
The same applies to YouTube; you see ads at the start of some videos which you sometimes skip. Google will only approve your YouTube channel if you create valuable videos.
However, the good news is that you can create content on any subject. So, pick a niche you’re knowledgeable about and get to work creating valuable content. Afterwards, apply for Google Adsense, get approved, and start making money.
Google pays Adsense earners per month on the 21st if you meet the $100 threshold. There are other legit advertising platforms you can use aside from Adsense as well, but you’ll fare better with Adsense.
3. Speculative Trading
Here’s the risky part – but what’s life without risks? You can try speculative trading, trading on forex (foreign exchange), crypto currency, stocks, et al.
These are speculative trades, so you should only invest as much as you can afford to lose. Also, it’s not something you just jump into in a day. You must take your time to learn about the markets and practice-trade before beginning your venture.
In the crypto, forex, and stock markets, trade is often against the USD. For example, you’ll see pairs like BTC/USD and ETH/USD in the crypto market, and USD/GBP and USD/EUR in the forex market. When you make profits, they’re usually in USD.
The fourth best way to end in dollars is by publishing. Publishing is different from freelance writing. You’re actually going to work on and publish a novel.
With the internet today, anyone can self-publish. The best platform to use is Amazon Kindle. When people purchase your book, you’ll get paid in dollars, – of course.
If your story is good, you could become a renowned author, like the likes of Chimamanda. Then, you wouldn’t be talking about how to earn in dollars anymore, but how to maintain wealth.
5. Launch a Store
ECommerce is the gold mine of the internet. From the comfort of your home, you can launch an online store and start taking sales.
Launching an online store doesn’t have to be expensive. You can engage in low-cost eCommerce models like dropshipping and print-on-demand.
Furthermore, it’s an online store, so you don’t have to rent a shop. Surely, the cost of purchasing a domain and web host is far more affordable than renting a shop.
There you go. You can pick any of the five options above to earn in dollars. When you start making your money, don’t forget where you got the insight from. Suerte.