How to Open a dollar account in Nigeria [2023/2024]

Dollar account in Nigeria 2023/2024: This article will give you complete information on how to open a dollar bank account in Nigeria. After reading this article, you will know the requirements to open a dollar bank account in Nigeria.

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How to Open a dollar account in Nigeria [2023/2024]
How to Open a dollar account in Nigeria [2023/2024]

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We will also try to answer some of the questions people have about opening dollar accounts in Nigeria. See the questions below;

how to open dollar account?

Which bank is best for dollar account in Nigeria?

Can I open a domiciliary account in Naira?

How much does it cost to open a dollar account?

What is a dollar account?

A dollar account is a type of local account, it is an account that allows you to send and receive money in dollars overseas. a domiciliary account is a bank account mainly denominated in certain foreign currencies other than naira.

Who Should Open A Dollar Account in Nigeria?

If you are a person who imports goods from another country, you must open an account where you live. The dollar account is also intended for Nigerians who wish to study abroad. If you run an online business like blogging, freelance, etc., you will need to open a dollar account so that you can receive dollar payments or send money.

The need for Nigerians to have a dollar bank account is great as the value of the dollar in Nigeria continues to increase. Before we move on to How to Open a dollar account in Nigeria 2023/2024, let’s talk about the requirments.

Requirements for opening a dollar account

The process of opening a dollar account is almost the same as opening a new naira bank account in Nigeria. However, there are some requirements that others must meet in order to open a dollar account.

  • Photocopy of official ID card. Example; International passport, driver’s license, voter card, identity card or other official identification that can be accepted by the bank.
  • ID photo
  • Two reference forms to be signed by the current account holder at your bank.
  • The electricity bill shows the home address (not older than 3 months).

How can I open a USD account in Nigeria?

As we wrote above, you need these requirements before you can open a dollar account in Nigeria. Once you meet the requirements listed above, your personal bank account will be opened.

Which bank is best for dollar account in Nigeria?

Most of the reputed banks in Nigeria today are good options for opening dollar accounts. If you are looking for a bank to open an account in Nigeria, you should consider one of these 5 banks;

  1. Zenith Bank – opening and managing dollar accounts with them is relatively easy and fast.
  2. Guarantee Trust Bank – this is a bank with one of the best online banking systems and services.
  3. Fidelity Bank – their cash requirement to open a personal account is not much compared to others.
  4. First Bank – Undoubtedly this is the biggest bank in Nigeria and their services have improved tremendously over the years.
  5. United Bank of Africa – They have operated and relied on as one of the largest banks in Africa for some time.

Just take your documents to one of the banks listed above or any other Nigerian bank opening a personal account and request an account opening form. Fill in the form correctly and don’t forget to tick “domiciliary” for the account type and select “dollars” for the account currency.

Submit your documents and passport, make a deposit if it is one of the bank requirements. You need to link your BVN to the account, after which your dollar account will be opened for you. Now, i’m sure you have known how to open dollar account.

Can I open a domiciliary account in Naira?

The answer to this question depends on the bank where you opened the dollar account and also on your account manager. Usually one should not open a dollar account with naira. You need to buy dollars from a bank or on the black market to use them and open a personal account.

However, your bank may choose to use the funds in your savings or checking account to buy dollars and open your dollar account without you having to get the dollars yourself.

Even if your bank does not do this, your account manager may ask you to come up with naira equivalent to the requested dollar amount, he will buy dollars for you through their connection.

Can I deposit money in my dollar account?

Saving in your domiciliary bank account is a very good idea, especially with the continuing appreciation of the dollar in Nigeria. Imagine you have $1,000 in your domiciliary account when the dollars are N290 each. It would have totaled N290,000 back then, but now the price will go up to over N450,000 depending on how you sell it (official or black market).

Parents can also save money with their dollar accounts, especially for their children’s education abroad.

How has the dollar price increased in Nigeria over the years?

In this section, we will discuss the steady rise in the price of the US Dollar in Nigeria. We will also talk about the factors that influence this increase.

The US dollar has continued to grow at an alarming rate in Nigeria in recent years. This is because the value of the Nigerian naira continues to depreciate.

The growth rate of the US dollar in Nigeria over the years has been staggering and there is no sign that the gains will stop anytime soon.

If there is any question regarding How to Open a dollar account in Nigeria, drop it in the comment section.

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