How to open a dollar account in Nigeria

A subscriber on my YouTube channel requested that I create a detailed tutorial on How to create a dollar account in Nigeria and here we are.

Just for clarity sake, a dollar account is what is referred to as a domiciliary account. Anytime I talk about a domiciliary account just note I am referring to a dollar account as well.

Not a Fan of articles? Then watch the video on 👉 How to open a domiciliary account 👈

WHY OPEN A DOMICILIARY ACCOUNT?

Before I dive in to give you all the details you need to own a domiciliary account in Nigeria, I will like to state few benefits you enjoy if you own one.

High Conversion rate

In Nigeria, one dollar = N560 in the black market (Bureau de change/Aboki ) but Nigerian banks exchange One dollar to N475 which is very low.

As a Nigerian, you happen to own a Dollar account and a customer or friend or family sends you dollars through western union or to your dorm account, You can easily cash the dollar cash and make your way to the Bureau de change/aboki and have your dollar exchanged to naira at the rate of N560 to one dollar (current rate as of 28th September 2021)

Good way of saving now

Naira is fast depreciating and losing its value against the dollar, therefore it is wise to save in dollars if you earn in dollars. If you save N100,000 naira in your account now, come next year, with bank charges, you will have less than N100,000 left in your account. But come to think of it, If you bought $200 at the rate of 500/$ as savings. That $200 dollar with today’s rate at the BDC is worth about N112,000. Saving in dollars is one good way of saving and investing simultaneously.

HOW TO OPEN A DOLLAR ACCOUNT IN NIGERIA

Having explained what you stand to gain by owning a dollar account, below are the essential requirements:

Bank of choice

Means of Identification

Minimum deposit

Bank of choice

Just like the naira account, you have to decide which bank to open a dorm account with. This is a matter of choice, you can decide to bank with Guaranty trust bank, Union Bank, UBA, Zenith bank Plc, any bank of your choice works.

Means of Identification

At the bank you will be given an account form to fill, you just have to supply necessary details such as your name, surname, address, Electricity bill no later than 3 months. The most important part of this is that you have to show proof of identification. It could be an international passport, national ID card, Voters card or the recently introduced NIN.

Minimum deposit

At this point, you will be asked to make a minimum deposit in dollars, so as to activate your dorm account. The amount of the deposit differs from banks. UBA asked for a deposit of $50, other banks might ask for $100.

I will suggest you reach out to your bank’s customer care to find out about this.

N:B: This minimum deposit is still your money though, it will be deposited into your dorm account.

Having fulfilled these requirements, your bank will send you your account details with which you can use to receive payments in dollars

Voila.. Your Dorm account is ready.

👇👇Hope you enjoyed this tutorial, to see tutorials like this:👇👇

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With 💓 from Tony Obum.

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