How to open a domiciliary/dollar account in Nigeria (The complete guide)

A domiciliary/dollar account (sometimes referred to as a “Dom Account”) is an account that solely takes foreign currency such as pounds, euros, and dollars. It does not, however, take Naira, Nigeria’s currency.

This account can only take money in foreign currencies (not Nigerian Naira) and it is different from other kinds of bank accounts. It is exclusively used for commercial transactions rather than savings.

As a result, it may be used to send money to another nation or to receive foreign currency from an account in another country.

As an individual or a business person, making and receiving payment in a foreign currency is easier done through the domiciliary account. Having a domiciliary account is very important especially in Nigeria where the economy is unstable, making it essential for people to save in a foreign currency as a way to protect their money from losing value.

A domiciliary account accepts foreign currencies such as euros, dollars and pounds. The domiciliary account works like any other savings account. If it is a dollar account, the money will be sent in dollars, likewise Euro or pounds. You can also withdraw the foreign currency from your bank and either change it at bank rates in the bank or at the parallel market (black market).

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