How to Open a Domiciliary Account in Nigeria

Do you always find it difficult to receive or send money in foreign currencies?

I’m sure at some point you have secretly wished for a way out.

Do you also wish to have a account here in Nigeria but funded with foreign currencies such as Dollars, Pounds, Euro and so on?

This can guarantee that exchange rate will have no effect on the money in your domiciliary account.

Procedure for Opening a Domiciliary Account in Nigeria

  1. Pay a visit to any of the banks in which you want to open the account and get the domiciliary account opening form.
  2. Fill in your personal details and submit with the following:
  • A means of identification such as drivers license, International passport, National ID and so on
  • 2 Reference letter from previous domiciliary or current account holders. While at the bank, you have the option of taking with you 2 people that will serve as your referee; but if none of the referees is present, then you can take the form to them to fill and return later.
  • A copy of your Utility bill, for example Electricity bill, water bill or telephone bill, and it should reflect the same address with what you have filled in the form.
  • 2 current passport photographs.

If you already have a current account with the bank, some items mentioned above might not be necessary.

Also if you do not have any account with the bank, they might ask you to open either a savings or current account along with the domiciliary account.

  1. After filling the form and submitting all the requirements you will be asked to make an initial deposit of about $100. This amount however, depends on individual banks and it can be withdrawn back immediately after depositing it.