Nigeria is currently experiencing an economic slowdown, which means that the naira has devalued against the dollar, and the cost of goods and services has risen owing to inflation.
Currently, it is more advantageous to save and earn dollars while living in Nigeria than to earn and save Naira. Because the naira is in high demand, a few dollars may buy a lot of it.
Nigerians can earn cryptocurrency (dollars) by trading, peer-to-peer trading, staking, lending, mining, affiliate marketing, content creation, and airdrops and bonuses. Trading comprises purchasing and selling cryptocurrencies on platforms such as Binance and Luno, whereas P2P trading entails exchanging cryptocurrencies with others.
Staking is storing bitcoins in staking pools, whereas lending entails lending cryptocurrencies for income.
Mining, particularly for proof-of-work coinage such as Bitcoin, is less frequent because to its complexity and energy requirements. Affiliate marketing generates commissions by promoting cryptocurrency exchanges and services. All of them demand thorough research before engaging in them.
2. Forex trading
Nigerians earn dollars through forex trading in a variety of ways, but it is crucial to realize that there are hazards involved.
Day trading, swing trading, scalping, and copy trading are all common approaches. These tactics include buying low and selling high in response to short-term currency price movements, capitalizing on intraday price shifts, holding positions for days or weeks, and employing trend analysis to identify advantageous entry and exit points. Before you start trading forex, learn everything you can about it.
3. US stock market
While there is considerable risk, purchasing US shares or internationally focused exchange-traded funds (ETFs) can expose you to dollar-denominated assets and provide long-term returns.
4. Remote jobs
Remote jobs can be done from anywhere in the world. If you get a remote job, you’ll probably get compensated in dollars. The flexibility of remote work, which eliminates the need to spend the entire day in an office, makes them appealing. It should be highlighted that concerns may develop with remote jobs due to lower job security and the lack of amenities such as healthcare.
Search for remote jobs on websites such as Upwork Flex Jobs, Solid Gigs, Just Remotely, Indeed, and LinkedIn.