How to Own a Dollar account in Nigeria

This article will give you complete information on how you can open a dollar account in Nigeria. After reading this article, you will know about the requirements for opening a dollar account in Nigeria.

We will also try to answer some questions that have been asked by people regarding how to open a dollar account in Nigeria. See the questions below; Information Guide Nigeria

• How can I open a USD account in Nigeria?
• Which bank is best for dollar account in Nigeria?
• Can I open a domiciliary account with naira?
• How much does it take to open a domiciliary account?

What is a Dollar Account?

A dollar account is a type of domiciliary account, it is an account that enables you to receive and send money in dollars overseas. A domiciliary account is a bank account that operates mainly on a particular foreign currency other than the naira. Own a Dollar account

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Who Should Open A Dollar Account in Nigeria

If you are someone that imports goods from other countries, you should open a domiciliary account. The dollar account is also for Nigerians who are planning to study abroad. If you are carrying out an online business like blogging, freelancing, etc., then you must open a dollar account to enable you receive payments or send money in dollars.

The need for Nigerians to own a dollar account is much especially with the continuous increase in the dollar to naira rate in Nigeria.

Requirements for Opening a Dollar Account

The process of opening a dollar account is almost the same as opening a new naira bank account in Nigeria. However, there are some requirements you need to meet in other to be able to open a dollar account. Effects of Dollar Rate on Commodity Prices in Nigeria

• A photocopy of a government-issued identity card. Example; International passport, Driver’s License, Voter’s Card, National I.D. Card, or other legitimate means of identification that are acceptable by the bank.
• A passport photograph
• Two reference forms that must be signed by owners of Current accounts in your bank.
• A utility bill that carries your residential address (not older than 3 months).

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How can I open a USD account in Nigeria?

Like we have written above, you need those requirements before you can be able to open a Dollar account in Nigeria. Once you have met the requirements listed above, your domiciliary bank account will be opened.

Which bank is best for dollar account in Nigeria?

Most of the prominent banks in Nigeria today are good options for the opening of dollar account. If you are looking for a bank to open a domiciliary account in Nigeria, you should consider any of these 5 banks; Aston Villa beats Man United at Old Trafford

1. Zenith Bank – opening and operating a dollar account with them is relatively easy and fast.
2. Guarantee Trust Bank – this is the bank with one of the best online banking systems and services.
3. Fidelity Bank – their monetary requirement for opening a domiciliary account is not much as compared to others.
4. First Bank – this is undoubtedly the biggest bank in Nigeria and their services have improved tremendously over the years.
5. United Bank of Africa – they have been operating as one of the biggest banks in Africa for a while and they are dependable. Npower recruitment

Simply go with your documents to any of the banks listed above or any other Nigerian bank that opens a domiciliary account and request for account opening form. Fill in the form properly and remember to tick ‘Domiciliary’ in the account type and also choose ‘Dollars’ in account currency.

Submit your documents and passport, make a deposit if it is one of the requirements from the bank. You will have to link your BVN to the account, once you have done all these, your dollar account will be opened for you.

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Can I open a domiciliary account with naira?

The answer to this question depends on the bank you are opening the dollar account with and also your account officer. You are ordinarily not supposed to open a dollar account with Naira. You are supposed to buy dollar maybe from the bank or black market to use and open a domiciliary account.

However, your bank may decide to make use of the funds in your savings or current account with them to buy dollars and open your dollar account without you having to source for the dollars yourself.

Even if your bank is not doing this, your account officer may request that you come with the Naira equivalent of the required amount of dollars, he or she will buy dollars through his or her connection for you. dollar to naira rate

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How much does it take to open a domiciliary account?

Several banks do not require any amount of money to open a dollar account for you, they do this completely free. However, there are other banks that will require a minimum deposit between $50 – $200.

Ensure to find out how much your chosen bank are demanding as a minimum balance for domiciliary accounts. WAEC result

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Can I save money in my domiciliary account?

Saving money in your domiciliary account is a very good idea especially with the continuous rise of dollar rates in Nigeria. Imagine if you had $1,000 in your domiciliary account when dollars was N290 each, that would have been a total of N290,000 as at then, but now it would have increased to over N450,000 depending on how you are selling it (official or black market).

Parents can also use their domiciliary account to save money especially for their children’s education overseas. JAMB Result

Check and Confirm: How much is Dollar to Naira today      Pounds to Naira

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