For more than 20 years, the Venezuelan economy has suffered an economic stability where agents have been forced to defend their heritage from the corrosive power of accelerated inflation. The objective of this work is to analyze the Venezuelan dollarization process from the demand for money approach in the period 1990-2015. A multiple regression model was developed, whose independent variables are consumption, total investment, and wealth level. The results shows that after the implementation of the exchange control as of the first quarter of 2003, the demand for money in currencies has grown more than the demand for money in national currency; which is indicative of dollarization. In addition, when analyzing the fluctuations of both variables, it's observed that they do not conform to the theoretical precepts according to which they must behave inversely proportional, which demonstrates the ineffectiveness of the monetary policy of the Central Bank of Venezuela. In conclusion, the increase in the demand for money in national currency did not necessarily translate into a decrease in the demand for foreign exchange, so the fluctuations of the latter responded more to expectations of protecting the value of assets held by economic agents.