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Posted by Felix Okoli on Saturday August 4, 2012 13:19:0:

Having a domiciliary or foreign currency account in Nigeria allows one to do a lot of things such as saving in a foreign currency, be able to accept or receive international transfers, clear foreign cheques and so on and many Nigerian banks do offer this type of account to people who request them.

Types of domiciliary accounts
From my experience, there are of 2 types available at most banks and they are:
- Current
- Savings
These work as normal current and savings account only that their currencies are foreign.

Things you will need to open a domiciliary account in Nigeria
- Foreign currency: At least $100
- Proof of residence: eg Utility bill like PHCN, Water bills.
- Valid Identification: Drivers license, National id or International passport
- 1 or 2 Referees: Who must be current account holders
- Filled application form: With your usual signature and personal details

How to open a domiciliary account
- Visit any of the banks
- Go to customer service desk center
- Request for foreign currency account opening form
- Fill the application with your correct details indicating expected sources of inflows
- Add your passport photo and signature
- Submit the form
- Your account should be setup in no time

To monitor your domiciliary account transactions independently, you should sign up for internet banking

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Comments:
Re: Requirements for opening a domiciliary account in Nigeria Reply by ben on Wednesday January 1, 2014 at 19:6:41:

can one operate a fixed deposit with domiciliary account?

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Re: Requirements for opening a domiciliary account in Nigeria Reply by Felix Okoli on Wednesday January 1, 2014 at 19:6:41:

I don't think so. Fixed deposits in Nigeria are mostly operated in Naira and not foreign currency.

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