DIY Portal

How to open a domiciliary (dollar, pound, euro) account in Nigeria banks for free

Have you been hearing so much about domiciliary account and yet you do not know what it means or how to go about getting one? This article would help clarify anything you do not understand.

This article contains information such as

  • How to open a domiciliary account
  • How to withdraw from a domiciliary account
  • Common issues you may encounter while operating a domiciliary account.

What is a domiciliary account?

This is an account that gives you free access to raw physical foreign currency (i.e. pounds, dollars, yen, euro etc.).

There are times when as an individual or business, you need to make and receive payments in a foreign currency. A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay foreign currencies into these accounts through cash deposits, traveler’s cheques or cheque deposits.

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