In order to receive payment of foreign currencies into your Bank account in Nigeria, one needs a domiciliary account since your corporate or savings account ordinarily cannot hold foreign currencies. With a domiciliary account you can receive and also withdraw foreign currencies here in Nigeria. Read on to know how to open a domiciliary account here in Nigeria.
Some banks require that you must have an old account with them in other to apply to get a domiciliary one. Go to your bank branch and then meet the customer care service personnel. Let them know you want to open a domiciliary account.
The documents required for the domiciliary account opening varies for different banks. You will be asked to provide
document like, your I.D (which is either your voter’s card, international passport, driver’s license or the National ID), your utility payment bill, passport photographs etc.
Depending on your bank, you will need about 2 referees to stand for you, which in some cases may also be a customer of that particular bank.
There is always a minimum account opening balance you must have in order for you to apply to get a domiciliary account, because you will deposit money into the account once it is created in order for it to be activated; it also varies from bank to bank, it may be $100 or its equivalent in Naira and above.
If you meet all the requirements and have all your documents ready, a domiciliary account opening form will be given to you to fill, also there will be forms for your referees which you can take to them to fill and return back to the bank or if they are with you at the bank, they fill it right away.
After successfully filling the forms, submit it back to the bank staff. They would confirm your details and if correct without any error, they would proceed to process your domiciliary account opening request.
At this point you can return home, and they will get in touch with you in about 2 – 3 working days either through Text message or by E-mail with your newly opened domiciliary account information, which will include your domiciliary account number. Most Nigerian banks would open three (3) domiciliary accounts for you: US dollar account, Euro account and Pounds account.
At this stage, you can then make a deposit into the account to get it activated and enjoy your account. You can also ask your bank to provide you with her wire transfer details in case you are expecting foreign currency to your domiciliary account.