How to open a Domiciliary (Dollar) Account in Nigeria

A domiciliary account makes it easier to receive and make payments in foreign currencies such as the US Dollar, British Pounds or Euro, whether you are an individual or business person. A domiciliary account is essential, especially in Nigeria, where the economy can be volatile to various factors & government policies. It is important to have a domiciliary account in order to save your money in foreign currencies and protect yourself from loss due to the falling Naira.

A domiciliary account, (sometimes called a “Dom account” or Dollar/Euro/Pound account) is a current account that allows you make and receive foreign currency payments in Nigeria. It can accept foreign currencies like dollars, euros, pounds, Chinese Yuan etc. Your domiciliary account functions just like a normal savings account. The money to be sent or received on such an account would be domiciled in the particular foreign currency you decide when opening the account. You can withdraw foreign currency from your bank, and then exchange for Naira at the bank rates. You may also decide to exchange your foreign currencies at black (aboki) market rates with bureau de change operators.

In this short tutorial, I will explain how you can open a dom account in Nigeria and the requirements to open such an account. Alright, let’s dive in.

Any bank in Nigeria would allow you open a domiciliary account. Simply walk into any branch of your preferred bank and ask that you want to open a dom account.

Why you need a domiciliary Account

If you are looking to receive money from abroad, domiciliary accounts will be important. With most Nigerian banks, it is easy to open a dom account.

  • You can receive payment in foreign currency (USD, EUR or GBP).
  • Transfer funds from Nigeria to any country worldwide
  • Protect yourself against Naira depreciation by saving in dollars
  • You can easily perform both local and foreign transactions. This is an excellent option for those who do international business.
  • Your dom account can be used to apply for a dollar Mastercard/Visacard to make online payments.

How to open a Domiciliary Account in Nigeria

Although the requirements to open a domiciliary account are different for each bank, they are generally similar. These are the most common requirements your bank will ask before your account can be opened & successfully activated.

  • Referees: Two current accounts holders, preferably from the same bank, must sign the reference forms.
  • A completed domiciliary account opening application form.
  • A Naira account with the bank, preferably a current account.
  • Identification document such as international passport, Permanent voter’s card, National ID card or valid Driver’s license.
  • 2 Passport photos.
  • Utility bills issued in the last three months

Your bank may ask for some additional information or documentation, but the above listed are the minimum requirements to create your dorm account.