NAIRA/DOLLAR: Financial Insight for Nursing Interns

by Adebanjo Joshua

No Nigerian can claim unaware of the fact the Oil has been the bedrock of the Nation’s economy. And the rise and fall of the prices of Oil imply the rise and fall of the values of Naira (in multiple markets) $/485.

However, with the recent development in the Foreign exchange spheres, and the sharp rise of dollars, against the Nigerian Naira, saving in Naira is not recommendable, it has become critical for younger generations especially Nursepreneurs, to reconsider saving in lower or higher currencies.

Most people are scared of saving or investing their nairas to dollars with Bitcoin and other crytocurrencies, for the fear of getting scammed or lack of in-depth knowledge about it, but there are more safer, reliable and trustworthy platforms that everyone is aware of, but not aware of the naira to dollar scheme of such platform.

Let me drop the list before we go into the usage and conversions.

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Carbon used to be “Paylater“. This FinTech app was launched in 2016 and rebranded in 2019.
It provides fully-fledged digital financial services which includes bill payments, funds transfer, investment, savings products, and loans.

CARBON CARDS, it is divided into

  • Physical debit cards(NOT YET AVAILABLE EVERYWHERE)
  • Virtual card, the virtual card gives you the ability to make global payments, access foreign currency and conversion of local currency to Dollars, once your profile is verified.
    • Apart from free transfer to other banks and Dollar scheme, some other feature of Carbon includes

Carbon investment plan (PayVest)

The investment plan on Carbon is known as the “PayVest”.

PayVest allows you to choose an investment plan of choice i.e fixed deposit, one-time or periodic investment.

Savings plan on Carbon (Carbon wallet)

This service allows you to save money and earn interest using the Carbon wallet.

You’ll be given a unique account number (wallet ID) which allows you to fund your account via a mobile banking app.

Carbon loan facilities

Carbon also offers loans facilities to help small business owners grow their business when they’re out of cash.

SME customers are also eligible for a free training organized in collaboration with Bigspring on the following areas:

  • Financial services
  • Sales
  • Service excellence
  • Design thinking and lots more

You can visit Carbon to check out their website


Without any sentiment, Piggyvest is arguably the best among the savings apps in Nigeria.
This platform is known to be the forefronteer of the innovation of mobile financial application in the country.
It was initiated on the 7th of January, 2016 and offered only savings services.
Piggyvest used to be “PiggyBank”.

Flex Naira and Flex Dollar

These two features serve the purpose of a normal savings bank account where you can deposit money either in Naira (Flex Naira) or Dollars (Flex Dollar). 

The Flex Naira is where you can keep funds for emergencies, receive funds, transfer and withdraw for free.

Piggyvest will provide you with an account number to receive your funds and you’ll be entitled to an interest of 8% per annum on money you keep in your Flex Naira account.

The interest is automatically paid on the 1st day of each month into your Flex Naira wallet.

Flex Dollar provides an avenue where you can save, invest, transfer funds in dollars, convert dollars to Naira and vice versa.

There are no withdrawal charges and you’ll get an interest of 5% per annum on your Dollars.

You can fund your account by purchasing dollars through the platform, keep it and earn interest before withdrawing to your domiciliary account or converting it to Naira.

Note: Transfers to domiciliary account on piggyvest is currently on hold as a result of the national unrest.

Visit piggyvest to know more at https//


CowryWise is a close rival of PiggyVest and a major plaform driving the Nigerian FinTechs.
It was founded in July, 2017 and owned by a group of financial technology experts with Edward Popoola and Razaq Ahmed as the co-founders.

Cowrywise offers savings and investments in Naira but you can only convert your Naira to Dollar for investments only, they do n@t offer domiciliary accounts for savings in foreign currencies.

you can visit Cowrywise at https//


PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account

Paypal has banned Nigeria as a result of its fraudulent and money laundry activities from receiving money Internationally but Nigerians can still send money, which allow users to convert Naira to Dollars If you understand the way they operate and their business model, all this means that when you are going to purchase something on the Internet, you will pay from the account behind the linked Master or Visa card.

But there are legal ways to get a business Paypal account which is different from the private account that cannot receive money Internationally, a business account will receive and send money from Nigeria, if a business account is opened through an illegal portal, Paypal will find out and block such account along side the investments, our affiliate technical team will open an easy to use business paypal account that can receive and send money from your local bank account, for a fee of $7.99 for nurses only. You can contact the innovation and criticism board through mail or fill the form below to book an appointment.

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