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The short answer
For most Nigerians in the US, the dollar is the main currency and naira the second, because that is where income and family costs sit. Pounds or euros earn a place only when you have real costs in them: UK or European tuition, family in London or Dublin, regular travel, or suppliers billing in those currencies. Holding them without a use just adds conversion cost and currency risk.
Ask most Nigerians in Houston or Maryland about a second currency and they mean naira. But many families are spread across three continents: a sister in Manchester, a cousin studying in Germany, a parent who travels through London every year. For them, holding some pounds or euros can save money. For everyone else it is usually a cost, not a hedge.
Start with where your money comes from and goes
A currency is worth holding when you earn it or spend it. List your regular flows for a year and the answer usually becomes obvious.
| Your situation | Main currency | Second currency worth holding |
|---|---|---|
| Salary in the US, family support in Nigeria | USD | NGN for family costs |
| Child studying in the UK, fees and rent in pounds | USD | GBP for fees and living costs |
| Paid by a European client in euros | USD | EUR, so you choose when to convert |
| Frequent trips to the UK or Schengen area | USD | A small GBP or EUR float for travel |
| No costs outside the US and Nigeria | USD | NGN only; GBP or EUR adds little |
When pounds or euros help
Education costs
If a child or sibling is studying in the UK or Europe, fees and rent are billed in pounds or euros. Converting from dollars each time you pay exposes you to the rate on that day. Holding a float in the right currency lets you convert when the rate suits you and pay on time. If fees are being paid from Nigeria instead, the CBN FX Manual 2026 allows tuition of up to US$25,000 per semester to be paid to the institution through a bank, according to TheCable; see paying school fees from abroad.
Family in the UK or Europe
If you regularly send to or receive from relatives there, holding the currency avoids converting twice. A gift from a brother in London can stay in pounds until you need it.
Income in pounds or euros
Freelancers and consultants with UK or EU clients can accept payment in that currency and decide later. Remember that the IRS requires amounts on a US return to be in dollars, converted at the rate prevailing when you receive them, whatever currency you hold.
A useful rule of thumb: if you cannot name the bill a pound or euro balance will pay within the next year, you probably do not need to hold that currency yet.
When they do not help
- As a bet. Holding euros because you think the dollar will fall is speculation, not planning.
- With small, occasional costs. A single trip a year is usually cheaper to cover with a card or a one-off conversion.
- When conversion costs are high. Every switch has a margin; EverBank, one US bank with foreign currency accounts, says its customer exchange rate is within 1% of the rates available to it, and other providers set their own margins.
A worked example: UK tuition
- Example
- A sibling's UK fees are GBP9,000, due in January. In October, at an illustrative rate of 1.30 dollars per pound, buying the pounds costs US$11,700. If the pound rises to 1.35 by January, the same fees cost US$12,150 bought on the day. Holding pounds bought in October saves US$450; if the pound falls instead, waiting would have been cheaper.
- The real benefit
- Certainty. You know the dollar cost of the fees in October and can budget for it.
The same logic works for a planned trip or a regular payment to family in Europe: buy the currency when you can, in amounts you know you will spend, rather than holding a large balance in the hope that it gains.
The cost of holding idle money
A pound or euro balance that sits unused may earn little or nothing, while dollars in a US savings account could be earning interest. Compare that lost interest with what you expect to save on conversion before you park a large amount in a second currency.
Practical points before you open one
- Minimums: some US bank foreign currency accounts set high minimums; EverBank's page says US$2,500 to open, or a US$100 monthly purchase plan.
- Coverage: EverBank describes its accounts as FDIC-insured against bank insolvency. That protects against the bank failing, not against the currency falling.
- Reporting: an account held outside the US can count toward the FBAR threshold of US$10,000 in aggregate (IRS). Check where the provider holds your balance.
- Naira: US bank currency accounts generally do not offer naira; EverBank's list does not include it. For naira, see how multicurrency accounts work.
Where Pryme fits
A Pryme Personal Account holds NGN, USD, GBP and EUR in one place, each with its own account details, and money stays in the currency it arrived in until you choose to convert with Swap, which shows the rate and the fee before you approve. Outside Nigeria, Pryme's activities are carried out through regulated partners. See multicurrency.
Questions people ask
Should I hold pounds or euros as a Nigerian in the US?
Only if you have real costs or income in them, such as UK or EU tuition, family abroad or foreign clients.
Is holding euros a good hedge against the dollar?
Holding a currency you do not need is speculation. It adds conversion costs and risk.
Do US banks offer GBP and EUR accounts?
Some do. EverBank lists GBP and EUR among its currencies, with US$2,500 to open, but not naira.
Do I report foreign currency income to the IRS in dollars?
Yes. The IRS requires dollar amounts, converted at the rate prevailing when you receive the income.
Sources
- EverBank: Currency Access Account · accessed Oct 2026
- IRS: Foreign currency and currency exchange rates · accessed Oct 2026
- IRS: Comparison of Form 8938 and FBAR requirements · accessed Oct 2026
- TheCable: 7 things to know about CBN's new FX manual, 3 Jun 2026 · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.