The growing demand for products and services within and outside Nigeria has given rise to the adoption of various payment methods to afford their purchase. This also includes currency use, as there are some instances in which you may not be able to use your Nigerian naira (NGN) to access some services at some international stores. So that is why you may need to know How to pay for services with USD in Nigeria.
An Overview Of USD Payment In Nigeria
USD (US dollar) is touted as the “world currency” because of the strength of the American currency and how it is constantly used to trade on the international market. Asset classes like stocks/cryptocurrency are mostly traded in USD, and this extends to various international stores on which you can make payments in US dollars using different methods like PayPal, cards, wire transfers, etc.
However, while the Nigerian naira is the official currency permissible in the country, there are some cases where the local currency may not enable you access to products or services on international websites or apps. Here, considering reliable options might do the magic of paying conveniently without payment restriction concerns.
Ways To Pay For Services With USD In Nigeria
1. Gift Cards
Gift cards are prepaid cards of stored value that enable access to products or services across stores that support them. In essence, you can use gift cards as an alternative payment option to credit/debit cards, as they have a real-time value that gives you the power to afford your purchase.
Interestingly, popular gift cards such as Amazon gift cards, Apple gift cards, Google Play gift cards, and Steam gift cards are denominated in USD, which you can use to redeem for services at their respective stores from Nigeria.
For instance, you can not use a Nigerian naira-denominated card to access products or services on the Amazon store. However, you can easily redeem Amazon gift cards at the store to conveniently get whatever you need. You can also use the Apple gift card to subscribe to Apple Music in Nigeria, eliminating geographic limitations that using the stores impose.
American Express (AMEX) gift card is another popular card that gives you the latitude to pay for services with USD in Nigeria as popular payment card company’ American Express issues them. Netflix users can also subscribe to Netflix using the Netflix gift card that has its value in US dollars to binge their favorite movie or documentary on the online streaming platform.
Overall, gift cards denominated in US dollars give you leverage over accessing services that your Nigerian naira cash or card may not afford you.
2. Virtual USD Cards
Virtual USD cards are revolutionizing the online payment landscape, as these are digital cards that look like your physical credit/debit cards with a 16-digit card number, expiry date, and CVV code.
These cards offer convenience similar to gift cards, as you can circumvent the regular hassles of opening a domiciliary account or securing US dollars.
This involves funding your virtual USD card with Nigerian naira through a bank or online payment gateway, and you can start using it to make payments on any international website or app that accepts US dollars.
There are different virtual USD providers in Nigeria that create your card, but you need to understand the terms and fees of using their cards to make a better choice. So, the virtual card gives you the comfort and convenience of spending US dollars in Nigeria.
3. Cryptocurrency
Crypto assets are fast-becoming payment methods to access products and services. This is evident as some international companies are accepting Bitcoin payments. We must not forget that the international value of cryptocurrencies is in USD, which you can use as an exchange for services with entities that accept them.
Therefore, you can pay for services in US dollars by using cryptocurrency, irrespective of where you are in Nigeria, as digital currency is emerging to become the future of money. How does this work? You will be need to send your token, the amount of which will be equivalent to the dollar value of the service.
However, you may need to confirm whether the service you want to access supports using cryptocurrency as a payment method.
Frequently Asked Questions (FAQs) About Payment Services With USD In Nigeria
What Is The Best Way To Pay For Services With US Dollars In Nigeria?
There are different ways to pay for services using USD in Nigeria. What is important is considering the option that the service you want to access supports.
Is It Safe To Make USD Payment For Services In Nigeria?
The safety of your payment depends on the entity you are dealing with when accessing a service. It is important to note that the digital space is a hotbed of scams, so you must be careful not to fall prey to gift card scams, crypto scams, and other frauds when making payments for services.
What Is The Best Virtual Dollar Card To Use In Nigeria?
There are different factors to consider before establishing the best virtual dollar. This includes fees, security, ease of use, and other features. That is why studying different virtual card providers is important to know if their features are best for you.
Conclusion
Payment for services with USD in Nigeria can be efficient if you know the best methods to adopt. Methods like gift cards, virtual dollar cards, and cryptocurrency enable you to bypass the restrictions that the Nigerian naira (cash or card) may face when using it.
However, it is essential to be cautious when using any of these ways to pay in US dollars to prevent a possible loss of funds to malicious entities.
