Opening a Dollar Account in Nigeria

Nigeria has a new policy where all international payments and remittances must be in US dollars. So, to receive money from foreign countries, you’ll need to open a dollar account in Nigeria, also known as a Domiciliary Account.

This guide will show you how to open a dollar account, its benefits, and the steps involved.

How to Open a Dollar Account in Nigeria:

Choose a Bank

There are 21 commercial banks in Nigeria. Some of the best banks to open a dollar account are First Bank, UBA, GTBank, Access Bank, and Stanbic IBTC Bank.

Fill Out the Application

Pick up a dollar account opening form from any of the branches of the chosen bank. Fill out the form and meet the requirements, which usually include:

• Completed Dollar Account opening form
• ID proof (driver’s license, passport, or national ID)
• Passport photograph
• Completed reference forms
• Proof of address (utility bill from the last 3 months)

Start Receiving Funds

After meeting the requirements, you can start receiving funds into your dollar account. Note that transactions come with fees.

Receiving Dollars in Your Dollar Account: To receive dollars in your account, you can use bank-to-bank wire transfer or money transfer services like Remitly, WorldRemit, and TransferGo.

Pros of Opening a Dollar Account in Nigeria:

• No need to convert foreign funds into the local currency
• Protect against Naira exchange rate fluctuations
• Convert US dollars into Naira at your convenience
• Access to a US dollar Visa or Mastercard

Withdrawing Dollars from Your Dollar Account: You can withdraw US dollars by filling a withdrawal form and submitting it at the bank teller.

Best Bank to Open a Dollar Account

GTBank, UBA, and First Bank are the best options to open a dollar account.

Converting Dollars into Nigerian Naira: You can convert your dollars to Naira through your bank or a Bureau de Change (BDC) operator. BDC operators usually have better rates than banks in Nigeria.

Cost of Opening a Dollar Account: Dollar accounts in Nigeria are usually free to open, but some banks may require a minimum opening balance of around $100.

Note: A dollar account in Nigeria is also called a Domiciliary Account or Dom Account.

In Nigeria, the cost of opening a dollar account can vary, with some banks offering it for free. Others, however, require a minimum opening balance that ranges from $100 to $500. Note that the United Bank for Africa (UBA) dollar account has a $0 minimum opening balance requirement.