In November 2023, we delved into how an exchange rate of ₦1,000/$ could significantly impact the aspirations and livelihoods of Nigerians. Just a few weeks following the publication of that article, the Naira hit an unprecedented low, exchanging for ₦1,851 to $1 in February 2024.
While this news may sound distressing, it also signifies that earning money in dollars has become one of the most effective strategies for combating inflation, safeguarding your income, and accumulating wealth in Nigeria.
You can venture into freelancing, consulting for international clients, or offering online classes to earn in dollars within Nigeria. But that’s not all! You can also explore investing in the crypto or forex markets and establishing a global e-commerce platform—whatever suits your preferences.
This piece aims to guide you through seven straightforward methods to earn in dollars within Nigeria. Subsequently, we’ll discuss the optimal ways to receive these funds before delving into how Flex Dollar—our dollar savings wallet—can augment your savings and investments as a Nigerian. Excited? Let’s dive right in!
7 Easy Ways to Make Money in Nigeria in Dollars
In today’s Nigeria, earning in dollars isn’t just a luxury—it’s a necessity (just ask Liya!). Thanks to the internet and smartphones, virtually anyone can commence earning foreign currency immediately.
Here are seven straightforward methods to earn dollars as a Nigerian:
1. Become a Freelancer or Remote Worker
As elucidated in our interview with a writer who skyrocketed from ₦8k/month to ₦1 million/month in two years, freelancing or remote work offers numerous advantages. You can attend meetings in your pyjamas, spend more time at home, and, of course, earn in foreign currency.
Freelancing is a swift and accessible avenue to commence earning dollars within Nigeria today—provided you possess a high-income skill (like writing or content creation).
All you need to do is hone this skill, establish connections with clients or companies on platforms such as Fiverr or LinkedIn, and offer your services at a fee!
Sounds straightforward? It is—provided you’re patient, diligent, and fortunate.
2. Venture into Content Creation
In recent times, individuals like Fisayo Fosudo and Korty EO have elevated content creation in Nigeria to unprecedented levels. Presently, hundreds of creators disseminate value, engage audiences numbering in the thousands, and earn dollars.
These earnings typically stem from brand collaborations and partnerships, although content creators can also generate income from platform partner programs such as the YouTube Partner Program.
The good news? You can do it too!
To kick-start your content creation journey, all you require is your smartphone and a dependable internet connection, enabling you to join millions of other creators on platforms like YouTube and TikTok.
3. Offer Online Classes
Another excellent avenue to earn dollars within Nigeria is by providing online classes. Simply identify a subject that captivates people’s interest and secure paying clients! For instance, if you possess culinary expertise akin to Tosin Samuel, you could offer cooking tutorials to Africans residing in the diaspora.
While this method is commendable, you can elevate it further by recording your online classes and posting them on platforms such as Udemy. Consequently, you won’t need to repeatedly conduct the same class and can generate more income with less effort—akin to Frantz Kati, a Nigerian-based developer and tutor who earns up to $3,000 on Udemy.
However, finding the most effective approach to monetize online classes isn’t an exact science. Therefore, we advocate sticking to what works best for you.
4. Invest in Crypto, Stocks, or Forex
Venturing into crypto investments, stock trading, or forex trading presents an opportunity to earn dollars within Nigeria. Nevertheless, initiating these ventures necessitates a starting capital.
However, the potential returns can be remarkably lucrative—provided you comprehend how these markets operate and make informed decisions. Unfortunately, these opportunities—especially crypto and forex—can be unforgiving if you lack proficiency in their workings.
Consequently, we recommend utilizing this method to earn dollars solely if you understand the inherent risks and possess confidence in your trading acumen.
5. Establish an E-commerce Store
Presently, nearly everyone with internet connectivity procures items online—ranging from food to apparel and even pharmaceuticals. This presents a golden opportunity for you to establish a thriving online store. And with web platforms like Shopify alongside social media platforms such as Instagram and Facebook, reaching a dollar-paying audience has become effortless.
To commence, identify a product beloved by the global market and establish a user-friendly store. For instance, you could establish a crochet business and vend to a worldwide audience via Twitter—similar to Ore Akinde’s approach!
Naturally, setting up an e-commerce store to earn dollars might prove more arduous than depicted. You might need to engage a web developer (if you prefer a web-based platform) or acquaint yourself with social media marketing (if you intend to leverage social media).
However, with unique or locally-sourced products that captivate customers, you should witness favorable outcomes (and profits) from your efforts.
6. Offer Consulting Services
Consulting may represent the most viable strategy for earning dollars within Nigeria if you possess expertise in a particular domain. Whether it’s digital marketing, finance, IT, or any other specialized field, you can proffer your services to international clients in exchange for remuneration.
This approach is advantageous because there’s consistently a demand for adept professionals capable of providing valuable insights and solutions.
Therefore, even if you lack the high-income skills requisite for freelancing, you can provide one-on-one consultations or even craft digital products such as e-books or online courses to monetize your expertise.
Moreover, you need not look too far to commence. You can initiate connections with potential clients on platforms such as LinkedIn or freelance marketplaces like Upwork.
7. Retail Digital Products
Crafting and peddling digital products is yet another commendable approach to earning dollars from Nigeria. Digital products encompass intangible electronic goods that are easily distributable and typically accessed or consumed digitally. These products include e-books, online courses, stock photography, graphic design templates, software tools, and applications.
The key to succeeding with this method is identifying a market demand or niche where you can provide something distinctive or valuable. Subsequently, fabricate a top-tier product tailored for a global audience.
To facilitate sales, platforms such as Selar, Gumroad, or Etsy are at your disposal. Similar to e-commerce, dedicating time to marketing and promoting your products via social media, email newsletters, and collaborations with influencers can yield substantial dividends by broadening your audience reach.
Receiving Dollar Funds in Nigeria
Having elucidated on earning dollars in Nigeria, the subsequent task is receiving your funds effortlessly. Thanks to burgeoning technology and a constantly-evolving financial technology landscape, you can adopt several methods—depending on your preferences.
Below are avenues through which you can receive dollars in Nigeria:
Domiciliary accounts: These accounts enable you to receive funds directly into a Nigerian bank without necessitating the opening of a USD account abroad. However, this account must support international wire transfers to facilitate foreign parties initiating wire transfers. To leverage this method, visit almost any Nigerian bank and request to establish a USD Dom account.
Money transfer services: If you prefer handling physical currency, money transfer services like MoneyGram and Western Union enable you to collect your dollars at their local branches. Simply provide the necessary identification, and you’re good to go!
Mobile wallets: Mobile wallets like Wise allow you to receive dollars directly via an app on your smartphone without visiting a bank or cash pick-up centre — using a virtual USD bank account or payment link.
