How to save money in dollars as a Nigerian

 

If you have ever wondered how you could save in dollars, you should know that you’re not alone. Every smart-thinking Nigerian should know that one of the ways to beat this high inflation and naira depreciation is to save in dollars.

The Nigerian currency seems to be on a free fall against the dollar, and there’s no sign of it abating soon. And that, coupled with other factors has brought so much inflation in the economy.

We have no choice but to turn to the dollar.

This is one of the safest and easiest ways to hedge your naira against inflation, as inflation devalues the purchasing power of the Naira currently in your hand.

In this vein, saving in Naira should be discouraged on all grounds.

For example, if you kept 3500 naira last year, which could have bought a bag of cement last year, that same amount cannot afford that same bag of cement, as a bag of cement now costs about 15000 naira. So this is a testament to the fact that for a nation like Nigeria, every naira saved depreciates with time.

Again, you as an individual must save. Either for the long term or a saving done to purchase something in the shortest time possible. You may even want to save for projects. Whatever the purpose is, you should save in dollars. It can then be converted again to Naira whenever the occasion demands it.

With this article, you will have first-hand knowledge of the various ways this is possible, which will help you make an informed choice on any that suits you well.

Again you should be aware that in all currencies of the world, the US dollar is the most dominant, and seen as a very stable alternative.

This article shows you how to save in dollars and the different financial platforms that make that possible

3 ways to save in dollars in Nigeria 

Here are avenues to save your money in dollars in Nigeria:

1. Use of Domiciliary account 

A Dom account for short, is a type of account option offered by the traditional bank in which you’re able to receive funds or deposit in dollars or any major foreign currency.

With the Dom account, you’re able to save your money in dollars. All you have to do is to decide the amount you want to save, and then convert to dollars by buying the dollar equivalent. Then you deposit it on your Domiciliary account.

The account opening process of a domiciliary account is the same as that of a current account. You may need two guarantors who are operating a current account in any bank, as part of the requirements.

With this, your naira will not be affected by the rising inflation.

2. Convert your Naira to stable cryptocurrency assets like USDT

USDT is one of the stable cryptocurrency assets, created by Tether. It acts as the digital dollar or one can say that it’s the digital equivalent of the US dollar.

It will interest you to know that each USDT is equivalent to $1 and it’s backed by the same one dollar in physical reserves.

Theoretically what this means is that the USDT is not affected by market forces and volatility. It’s stable and acts as a safe alternative to the dollar in the digital space.

To save your money in this digital dollar, all you need is to buy this coin, and that’s all.

First, you will have to register with any crypto exchange platform where you can buy the USDT.

Next is to buy the USDT with any amount you want. 

Then you can hold on to it for as long as you want. It’s another viable option to hedge your dollars against the naira.

You can buy USDT with Naira on Bybit.

3. Use a fintech app

Fintech has caused so much positive disruption in the way financial transactions are implemented today. With the advent of fintech, life has become more easier and convenient as regards financial matters.

Most fintech apps today allow you to save money in various currencies of your choice, while some go the extra mile to give interest on such savings.

All you need to do is download any of the fintech apps, do all registration and documentation, deposit money in naira, and choose to convert it to dollars or any foreign currency of your choice.

It will be automatically converted to dollars using the current exchange rate.

There, you can hold on for as long as you choose before converting back to the naira.

Some fintech apps to save money in dollars

1. Piggyvest

Piggyvest is a very popular online saving and investment app in Nigeria, as most Nigerians who have an interest in savings have this app on their smartphones.

This app allows users to earn up to seven per cent interest in their savings of dollars, while up to fifteen per cent for saving in Naira.

This app is quite easy to install, as it’s available in the Google or Apple Play Store.

Having downloaded, registered, and funded your account with naira, then converted to dollars.

2. Cowrywise

Cowrywise offers an opportunity to save in dollars. It’s a common fintech app for saving both in dollars and naira.

All you need to do is download the app from Google or Apple Play Store and install it. Proceed to do all necessary registration and deposit in naira the amount you intend to save. 

Then you can convert it to the dollar equivalent and hold on to it. 

Cowrywise also offers interest on money saved. However, the interest rate is not specified as it fluctuates with time.

3. Bundle Africa

This app is more than an online saving app. It is also a crypto wallet that allows you to buy and save in stable cryptocurrency assets like the USDT.

This app offers its users 6 per cent interest annually on savings.

As with other fintech apps, it’s available on Google or the Apple Play Store. 

Download, install, register and fund your account. And thereafter convert to dollars or any stable cryptocurrency.

Conclusion

For the average Nigerian, the issue of inflation rocking the economy is a nightmare, and such savings for short or long-term in the naira should be discouraged.

The US dollar is stable, as well as Stable crypto coins like the USDT. 

While opening a domiciliary account may be a viable option, many may not meet the requirements and criteria for opening such an account, as it may seem too cumbersome to many.

In this case, the use of fintech apps becomes the easiest possibility, which is readily available on the Play Store and requires little or no amount of effort for registration.

However, it should be noted that all fintech apps may charge certain percentages for withdrawal. On this note, you must do thorough research to choose out of the several options available.

10 Best places to study in Europe

 

Europe is the centre of excellence when it comes to education. European schools are known for their great standard of education, superior instruction, opportunities for growth, adventure and reaching personal goals. It has become a hub for education in recent years, as countless students flock over there to attain the best quality of education, at affordable prices in most cases.

There are countless other advantages of studying in Europe and if you’ve made Europe your study destination then you’ve made the right choice. However, Europe is a huge continent with many countries, so it might be confusing trying to decide which one to choose. In this article, I have narrowed down your choice to the 10 best countries in Europe to study in, so take your pick! 

1. France

While Paris is undoubtedly the nation’s gem, studying in France offers so much more than simply a leisurely walk along the Seine. For many, the allure of France is summed up by the glitz and beauty of the city. Your options for a top-notch higher education are almost endless in France since the country is home to more than 3,500 public and private higher education institutions.

These institutions range from Grandes Einstitution’sversity schools teaching everything from art to medicine. When you combine it with France’s strong cultural influence, you have the perfect place to study for someone seeking a highly regarded degree and a life-changing overseas experience. 

2. United Kingdom

It is for good reason that the UK is ranked among the best places to study in the world. For foreign students, the United Kingdom is the top option since it is home to some of the most famous and respected institutions in the world. International students have the chance to study and experience a nation rich in culture and history by living and studying in the UK.

In comparison to some of the other nations on our list, the UK may be tiny in size but makes up for it with a lot of content. The United Kingdom’s four member states each contribute their distinct history and opportunities to the combination of ancient monuments, medieval ruins, contemporary architectural wonders, busy cities, charming villages, and a thriving arts and culture scene. 

3. Germany

Germany is a popular choice for foreign students because of its stellar reputation as a global leader in higher education and its affordable living and tuition costs.

You have the perfect place to study when you combine it with the nation’s excellent standards of living, cultural opportunities, and secure, effective infrastructure.

4. Austria

For those who are passionate about the arts and culture and the great outdoors, this picturesque nation in central Europe is the perfect place to study. Austria has one of the greatest living standards in the world, a robust and dynamic economy, and a long-standing commitment to valuing higher education.

Austria is a fantastic destination for overseas students looking to expand their language skills because of its institution’s stellar reputation for academic excellence and high standards for research. Courses are offered in both German and English. 

Austria is a necessity for students of classical music. Vienna, the nation’s capital, is home to the country’s rich musical and cultural legacy, with classical music coexisting peacefully with contemporary art and architecture. 

5. Sweden

Due to its reputation for excellent higher education, decent living conditions, and a warm, inviting environment for foreign students, Sweden often ranks in the top countries to study in Europe. Sweden is a desirable location for international students because of its affordable tuition costs and plenty of programs offered in English.

Similar to its neighbouring Scandinavian nations, Sweden places a high value on work-life balance and well-being. Students studying there will have many opportunities to get a taste of this Northern nation’s easygoing, outdoor culture. 

6. Switzerland

Switzerland is a little nation tucked away in the heart of Europe and the Alps, renowned for its understated financial practices, steadfast adherence to neutrality, and breathtaking natural beauty. Switzerland is a crossroads of cultures as well, with German, French, and Italian influences seen in everything from its architecture to its multilingual populace.

German, French, Italian, and Romansch—a minority language descended from Latin—are the four official languages of Switzerland. Studying in Switzerland will provide you the chance to take in the stunning surroundings and top-tier colleges of the nation. Switzerland’s cities, villages, and countless castles serve as a source of inspiration for historians and builders alike, while its mountains, lakes, and woods are always close by for outdoor lovers. 

7. Netherlands

This little nation is a global education powerhouse, offering cheap higher education, several English-taught programs, and top-notch colleges. With more than 30,000 kilometres of bike lanes, Dutch towns and countryside are a cyclist’s paradise.

Take a bike ride around Amsterdam, the nation’s capital, to see its museums, canals, and exciting nightlife. 

8. Spain

This year, Spain—a nation renowned for its lively and hospitable culture, is one of the best places to study in Europe. Spain’s art, gastronomy, music, languages, literature, and customs all reflect the country’s long and illustrious history of conquering, variety, and legacy.  

With inspiration from the works of artists like Goya, Gaudi, Calatrava, Dali, Campo Baeza, and Picasso, the nation is a sanctuary for students studying art, architecture, and design. Spain is also becoming a hub for technology and innovation; in 2011, the nation established the Spanish Smart Cities Network, and in 2014, Barcelona was designated as the European Capital of Innovation. 

9. Italy

For over a millennium, Italy has been a popular study-abroad destination. Eleven institutions that were formed before 1500 are located there, including the University of Bologna, which was founded in the late 12th century and is the oldest in the world.

Italy was a crucial destination on the Grand Tour in the early modern era, which served as the pinnacle of education for young, aristocratic men. 

This nation in southern Europe has long been a centre for education, innovation, and creativity. Italy provides a broad range of experiences and is now a hub for visual arts, fashion, and design in addition to hospitality, innovation, and engineering. 

10. Denmark

According to the 2023 World Happiness Report, Denmark is the second-happiest nation on earth. It is also renowned for its excellent educational system and for promoting community and well-being via a welcoming, progressive, safe atmosphere.

The country has earned a reputation as a gourmet destination, with Copenhagen, the capital, offering everything from traditional smørrebrød to Michelin-starred New Nordic restaurants. The cities are easily navigable on foot or by bike. The nation is known for its amazing natural beauty and gorgeous sceneries; its 444 islands and seashore are never more than 50 kilometres away.

In addition, Denmark is home to a large number of historically significant locations, including the well-known Tivoli Gardens and the medieval town of Roskilde. 

Conclusion

Studying in Europe provides a world-class education and numerous opportunities when you graduate. The above countries are the best in Europe. If you’re interested in studying in Europe, then they’re your best choices. 

10 Cheapest private universities in Nigeria (2024)

 

For one reason or another, students in Nigeria opt for private universities rather than public universities. There are many advantages to attending a Private university in Nigeria, including less competition for admission which translates to a better chance of gaining admission, a better study environment and a faster study track since you won’t have to worry about strikes or other annoying delays associated with studying in a public university. However, the high tuition fees are a deterrent to many, as most private universities charge a tuition fee of over a million.  

Private Universities in Nigeria are known to be schools for the rich, however, some private universities are affordable. The universities have more reliable and efficient academic calendars, making it easier for students to complete their programs on time and start their careers sooner.

Another benefit of schooling in a private university is that they have smaller class sizes, allowing for more individualized attention for each student. This can significantly help students by enabling them to better grasp complex concepts and engage in more thorough study.

If you want to attend a private university in Nigeria, and you’re short on funds, check out the universities below which are the cheapest in Nigeria. 

Recommended: Best private universities in Nigeria

1. Oduduwa University Ipetumodu (OUI)

Oduduwa University Ipetumodu, situated in Ipetumodu, Osun state is one of the most affordable private universities in Nigeria, providing students with affordable tuition fees and quality education, as well as various opportunities for their academic pursuits.

It serves as a testament to the notion that affordable education can be accessible without compromising excellence. This institution is named after the progenitor of the Yoruba tribe, Oduduwa. It is accredited and recognized by the National Universities Commission of Nigeria.

This institution offers financial help and scholarships to underprivileged deserving students who wish to attend this university. However, students are required to pay for books every semester and their meals. This university’s fee is between N98,000 and N350,000.

2. Alhikmah University

Al-Hikmah University is a Muslim University. It is an excellent choice for those seeking an affordable education. Situated in Ilorin, Kwara state, the institution was established in 2005 with a mere 70 students. Presently, it has a student population of over 7000, having experienced significant growth over the years.

The tuition fee at Al-hikmah University, Ilorin ranges from ₦106,500 – ₦1,362,000. The varying fees are a result of the choice of programmes, and it is also related to whether you’re a fresh student or a returning student.

3. Ajayi Crowther University

Ajayi Crowther University is a private university in Oyo State. The university offers diverse undergraduate programs and is known to be one of the best private universities in Nigeria.

This institution has flexible paying schedules, and paying in instalments is allowed. The tuition fees range from ₦315,000  to ₦1,615,000.

4. Adeleke University 

Adeleke University, situated in Ede, Osun state, is a Seventh-day Adventist faith-based institution that follows the philosophy of education of the Seventh-day Adventist Church. The university provides financial aid in the form of loans and scholarships to students who may have difficulty affording the fees.

In addition to its focus on innovative learning, the university also emphasizes the development of entrepreneurial skills among its students. The tuition fees range from ₦343,500-₦2,120,070 and it can be paid in four installments

5. Paul University

Paul University is one of the most affordable universities in Nigeria, affiliated with the Anglican Church. It is located in Awka, Anambra state. This university offers a conducive environment for learning and growing mentally and professionally.

The current tuition fees at Paul University range between ₦190,000 – ₦240,000. The university also offers loans and scholarships to underprivileged students. 

6. Veritas University 

Veritas University is located in Abuja and is one of the cheapest private universities in Nigeria. They offer financial help to students with financial needs and allow students to pay tuition in several instalments. The fees at Veritas University are between N190,000 and N245,000.

7. Caritas University

Caritas University is a private university in Enugu, Nigeria. The fees for undergraduate students at Caritas University have been approved for the 2023/2024 academic year and range from ₦220,000 to ₦390,000, depending on the program of study.

8. Joseph Ayo Babalola University

Joseph Ayo Babalola University is named after the first spiritual head of the Christ Apostolic Church, Joseph Ayo Babalola (1904–1959). All students at the university reside on campus.

The tuition fee at Joseph Ayo Babalola University ranges between ₦717,000 to ₦1,510,000. This is dependent on the choice of study program. Law, Medicine, and Medical Laboratory Science, are the most expensive courses to study in the university. 

Also read: Best Public Universities in Nigeria

9. Rhema University

Rhema University is a private university located in Abia State Nigeria. The university has programs that meet the educational needs of students. These programs are taught by Rhema University’s knowledgeable instructors who are experts in their fields.

The current school fees of Rhema University range from ₦432,000 to ₦464,000, and this is dependent on the course of study.

10. Lead City University

Lead City is located in Ibadan, Oyo state. It is one of the best accredited private universities in the state. The university demands strict adherence to its rules, ensuring a structured academic environment. 

Lead City University has great amenities like modern computer facilities and an electronic library. Their tuition fees range from ₦432,000 to ₦464,000, and this is dependent on the course of study.

Conclusion

Unlike popular belief, you don’t have to spend a fortune to attend a private university in Nigeria. Although the majority of private universities are expensive, there are a lot of affordable options. If you’re interested in studying in a private university in Nigeria on a budget, the 10 above are the cheapest you would find.

10 Cheapest universities in the UK (2024)

 

The expense of tuition is the main worry for anybody thinking about pursuing undergraduate or graduate studies in the UK. It’s common knowledge that British universities are among the most costly for international students in the world. Nonetheless, there are a lot of reasonably priced institutions in the UK where students may build successful futures. 

For non-UK foreign students, the cost of tuition at most UK universities is much higher than that of British or European citizens. This is the reason why potential overseas students search for the UK’s lowest or least expensive institutions.

Fortunately, there are still a few institutions that are less expensive than other prestigious ones in the UK. Additionally, keep in mind that these universities are still very competitive even if their tuition isn’t as expensive. The universities listed below are both highly regarded and offer the lowest tuition costs. 

1. Staffordshire University

Known for its scientific departments, Staffordshire University has many programs and departments that rank in the top 10 in the United Kingdom. It has consistently been in the top 100 universities in the UK and, according to the Complete University Guide, 2022, is in the top 15 for student satisfaction. 

20,000 students from over 100 different countries attend the institution. The foreign student population at Staffordshire University is mostly drawn by the institution’s strong industrial linkages and better returns. In addition, the institution has won other awards for teaching excellence, employability, and student happiness, among other things.

Average annual tuition fee: 16,000 to 19,000 EUR

2. Teesside University

The cheapest university in the United Kingdom is said to be Teesside University. Based on the Foreign Student Barometer 2008–12, Teesside University routinely ranks in the top ten UK universities for overall average satisfaction among foreign students. With more than 2,300 employees, the institution has over 80 years of outstanding teaching experience and is among the biggest employers in the region.

Teesside University International Business School; School of Arts & Creative Industries; School of Social Sciences, Humanities & Law; School of Health & Life Sciences; and School of Computing, Engineering & Digital Technologies are its five academic schools.   

At Teesside University, there are around 28,000 students enrolled overall, including 120 foreign students.

Average annual tuition fee: 15,000 EUR

3. Leeds Beckett University

Leeds Beckett provides competent instruction and training at a reasonable cost. To guarantee that students get the greatest careers after their studies, the institution has associated with a large number of businesses and organizations.

Among British institutions, it provides one of the lowest tuition rates. Over 28,000 students attend Leeds Beckett University at the moment, with foreign students hailing from more than 100 nations worldwide.

Average annual tuition fee: 16,000 to 19,000 EUR

4. Leeds Trinity University

Renowned for its Journalism programs, Leeds Trinity University is regarded as one of the best institutions in the United Kingdom for academic quality. Recent grads are 100% satisfied with one-fifth of the undergraduate courses.

According to The Times and Sunday Times Good Institution Guide, 2023, it is ranked as the safest institution in Leeds and among the best in Yorkshire and the Humber for student happiness. Within 15 months, 95% of its graduates find work or continue their education (HESA 2023).

Average annual tuition fee: 12,000 to 14,500 EUR

5. University of Cumbria

The University of Cumbria was founded in 2007 and is centred on the concept of a dispersed learning network, which allows for instruction to occur at both the university’s campuses and at other distant institutions around Cumbria.

With a long history of interdisciplinary research, the University of Cumbria welcomes students from all around the globe. To enhance student learning, the institution established an inventive Institute for Leadership and Stability at its Ambleside campus in 2012.

For overseas students, the University of Cumbria is regarded as one of the least expensive institutions in the United Kingdom. There are five campuses of the institution, and each offers many opportunities to students from abroad.

Average annual tuition fee: 13,000 to 16,000 EUR

6. London Metropolitan University

The London Metropolitan University offers reasonably priced courses that provide chances for professional growth and practical skills for the industry.

It also boasts one of the biggest teaching laboratories in Europe, specialized art and design studios, and more. 

Average annual tuition fee: 12,000 EUR

7. University of Bolton

A few special degrees are available from the University of Bolton, including Visual Effects for Film and TV and Special Effects for Film and TV. In addition to the more conventional academic courses, it provides a large selection of vocational courses.

Across all locations and courses, there are 14,000 students, and there are 700 academic and professional staff members. With a few exceptions, like the MBA and MSc Physician Associate Studies, the majority of the courses have a fee of £12,950.

Average annual tuition fee: 12,950 EUR

8. University of Chester

Located in Chester, England, the University of Chester is a public institution. Originally intended to be a college for teacher preparation, it is now known as the University of Chester. The university is a member of the Association of Commonwealth Universities and Universities UK, the North West Universities Association, and the Cathedrals Group.

The University of Chester is one of the UK institutions with the lowest tuition costs, providing a globally recognized education. The institution is home to almost 15,000 students overall, and according to the Whatuni Student Choice Awards, it is the second-best university for foreign students. The institution is renowned for providing a 90.4% employment rate to its alumni.

Average annual tuition fee: 13,950 EUR

9. Coventry University

With two campuses and around 27,000 students, Coventry university is the largest university in Warwick, having been founded in 1992. According to a 2008 Research Assessment Exercise, the institution conducts world-class research in several important areas, including Allied Health Professions and Studies, Computer Science and Informatics, and Electrical and Electronic Engineering. 

The institution is well-known among overseas students for being included in the list of affordable universities in London. Regarding its research outputs, Coventry University has also received recognition from several national and worldwide rankings. The institution provides foreign students a variety of scholarships, ranging from 1500 GBP to 2500 GBP per student, per year, despite being a cheap university in London.

Average annual tuition fee: 16,800 to 20,050 EUR

10. York St. John University

Students at York St. John University have access to cutting-edge facilities. Six months after graduation, 93% of graduates are either employed or enrolled in full-time courses. A new media workshop, acoustic performance spaces, and exhibition facilities have been added to the £2.5 million Arts Centre. For overseas students, the typical cost is £13,000. 

Average annual tuition fee: 11,800 EUR

Conclusion

Financially speaking, studying in the UK may be quite expensive. This is due to the UK’s general reputation as one of the most cost study-abroad locations in the world, not only the tuition costs at the institutions. The universities listed above are your greatest options if you’re seeking the least expensive in the UK for foreign students.