How to Open a Dollar Account in Nigeria (Simple Steps)

how to open dollar account in nigeria

Last Updated on February 8, 2023

To receive payments or remittances internationally in Nigeria, you’ll need to open a domiciliary account in Nigeria. That’s why a lot of people like you want to know how to open a dollar account in Nigeria. Well, this article will break it down for you.

Around early December 2020, you could receive money from foreign countries in the local Nigerian currency [Nigerian Naira (NGN)] either in cash or in your Nigerian bank account. But the Central bank of NIgeria made a new policy that all international payments and remittances entering Nigeria will only be in US dollars.

So people residing in Nigeria now need a bank account, a Nigerian domiciliary account specifically to receive and save foreign currency.

Most domiciliary accounts in Nigeria are usually US dollar bank accounts but there are instances where a dom account can be in pounds or Euros as well.

Other than being able to receive foreign funds with ease, and dealing with foreign exchange rates using a dollar account in Nigeria, there are other advantages you get when you open a dollar account in Nigeria.

In this guide, Koboline will show you how to open a dollar account in Nigeria, and the advantages that come with having a dom account.

account to bank globally and access payments internationally.

How To Open a Dollar Account in Nigeria

To open a dollar account in Nigeria means you have to go into one other commercial bank in Nigeria to pick up a domiciliary account opening form.

Here’s a detailed step-by-step process to open a dollar account in Nigeria:

1. Pick a Bank for Your Dollar Account

There’re currently around 21 commercial banks in Nigeria, so you can choose to open a dollar account with any of them.

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Some of the banks offering the best domiciliary accounts in Nigeria are first Bank, UBA, GTBank (GTCo), Access Bank and Stanbic IBTC bank.

You can open a personal or business dom account with any of the banks by walking into any of their branches and requesting for a dollar account opening form and the requirements(documents).

2. Complete Your Dollar Account Form Application

Other than filling out the dollar account opening form, you’ll also need to meet certain requirements and submit certain documents.

While different Nigerian banks have different requirements, there are usually what they might ask for when you want to open a dollar account in Nigeria:

  • A completed Do Account opening form;
  • A copy of your ID (driver’s license, international passport, or national ID card);
  • One passport photograph;
  • Completed reference forms;
  • Proof of address (such as a utility bill issued within the last 3 months).
  • Depending on the bank you may need to pay a minimum account opening balance to your domiciliary account for it to be active. For example, GTBank requires $100 while UBA has no minimum opening balance to open a dom account.

3. Start Receiving Funds with Your Dollar Account

After meeting the requirements for opening your dollar account, you can now start receiving funds into your dom account. However, you should note that there are fees that you incur when you perform transactions with your dollar account in Nigeria.

How to Receive Dollars in Your Dollar Account in Nigeria

A common way to send dollars to a Dom account in Nigeria is via bank-to-bank wire transfer, however, money transfer services is usually cheaper.

Some of the best money transfer services to send dollars to Nigeria are Remitly, WorldRemit and TransferGo.

See: How to Send money to Nigeria from UK

Pros of Opening a Dollar Account in Nigeria

here are some of the advantages you get when you open a dollar account in Nigeria:

  • When you receive money from abroad you don’t have to convert it into Nigerian Naira, with the dollar rising against the Naira you can hedge against inflation
  • You can protect against extreme Naira exchange rate fluctuations since the US dollar is a very stable currency
  • You can convert your US dollars into Naira at your convenience
  • Opening a dollar account in Nigeria means you have access to a US dollar Visa or MasterCard that you can use to pay for things online or when you travel abroad.

How to Withdraw Dollars from your DOM Acount in Nigeria

You can withdraw US dollars from your bank account in Nigeria by going into the bank and filling a withdrawal form and submitting it at the bank teller.

Which bank is best to open a dollar account in Nigeria?

The best banks to open a dollar account in Nieria are GTbank, UBA and First bank.

How to Convert Your Dollars into Nigerian Naira

Your bank in Nigeria can help you convert your dollars to Naira for you. But a better option will be a Bereau de Change (BDC) operators because they tend to have better rates than the banks in Nigeria.

What is a Dollar Account called in Nigeria?

A dollar account in Nigeria is called a Dom account or a domiciliary account.

How much does it cost to open a dollar account in Nigeria?

Dollar accounts in Nigeria are often free to open, but some of them require a minimum opening balance of around $100 to $500 depending on the bank. However UBA dom account has $0 minimum opening balance.



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