How To Open A Domiciliary (Dollar) Account in Nigeria

In this article, you will get to see complete information on how to open a dollar account in Nigeria. You will get to learn about the various requirements for opening a dollar account in Nigeria.

Before I go ahead to state the requirements you would need in opening a dollar account, first of all, you need to get to know what a dollar account is.

What is a domiciliary (Dollar) account?

A dollar account is a kind of domiciliary account that enables a person to receive money in dollars overseas and send money also. A Domiciliary account is an account that operates on a particular foreign currency apart from naira.

Advantages of domiciliary (Dollar) account

There are different reasons why people open a dollar account, some of those reasons include:

1. To save money in dollars for future purposes
2. To pay for goods imported in other countries
3. Some people open dollar account when they are planning to study abroad
4. When you work with a foreign company online as a freelancer you can open a dollar account to receive payment in dollars.
5. To be able to receive and send money in dollars

The reasons for Nigerians to open a dollar account are much, especially now that dollars are increasing.

Requirements for opening a domiciliary (Dollar) account

There are requirements you need to follow before you can be able to open a dollar account, below are some of those requirements.

How to open a Domiciliary account in Nigeria?

The process of opening a dollar account is almost the same as opening a naira account.

1. You would need to bring a photocopy of a government-issued identity card e.g like international passport, voters card, or other legitimate government-issued identity card.
2. You would have to bring a passport photograph
3. You will bring two reference forms that were signed by the owners of current accounts in your bank.
4. Then you will bring a utility bill that carries your residential address, which is not more than 3 months.

When you follow the steps above, you will successfully open a dollar account.

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