How to Open a Domiciliary Account in Nigeria (2025 Guide for USD, GBP, and EUR)

A domiciliary account, often called a dom account, is a special type of bank account in Nigeria that allows you to send, receive, and save money in foreign currencies such as US Dollars (USD), British Pounds (GBP), or Euros (EUR).

In 2025, with increasing global work opportunities, cross-border trade, and digital transactions, owning a dom account is no longer just for big businesses—it’s now essential for freelancers, online entrepreneurs, international students, and everyday Nigerians who earn or spend money in foreign currency.

Whether you receive payments from platforms like Payoneer, Fiverr, Upwork, Amazon KDP, or you shop on international websites like Amazon or AliExpress, a domiciliary account gives you better control over currency conversion and exchange rates.

It also enables you to withdraw foreign currency in cash or receive international wire transfers without delays or unnecessary charges.

This 2025 guide is designed to walk you through everything you need to know about opening and using a domiciliary account in Nigeria. We’ll cover the step-by-step process for opening one, the required documents, initial deposit costs, banks that offer the best dom account options, and how to use the account effectively for USD, GBP, or EUR transactions. Whether you’re trying to escape the naira’s instability or just want to start saving in foreign currencies, this guide has got you covered.

By the end of this guide, you’ll have the confidence to walk into any Nigerian bank (or use online options) and open a domiciliary account that suits your financial goals in 2025. Get ready to take your finances global.

What is a Domiciliary Account?

A domiciliary account is a type of foreign currency bank account that allows individuals and businesses in Nigeria to receive, send, and save money in international currencies such as US Dollars (USD), British Pounds (GBP), or Euros (EUR).

Unlike a regular naira account, a dom account is designed to handle international transactions and provide seamless access to global financial services.

These accounts are operated by Nigerian commercial banks, including GTBank, Zenith Bank, Access Bank, First Bank, and others. Once opened, a domiciliary account enables you to receive foreign payments directly into your Nigerian bank account.

Whether you’re a freelancer working on platforms like Fiverr, Upwork, or Freelancer, or you’re using Payoneer, Wise, or bank wire transfers from clients or relatives abroad, a dom account is the most reliable way to get paid in foreign currency.

One of the major advantages is that domiciliary accounts help you protect the value of your money by allowing you to save in stronger currencies. This is especially helpful in times of naira devaluation or inflation. You can also choose to withdraw the funds in cash, convert them at bank rates, or use them for international payments.

Additionally, a dom account gives you access to official financial services like Form A and Form M, which are needed when paying for international school fees, medical bills, or business imports.

You can also use your domiciliary account to pay for online services such as web hosting, domain registration, or shopping on platforms like Amazon or AliExpress.

In summary, a domiciliary account is a must-have tool in 2025 for anyone in Nigeria involved in global work, international business, or cross-border transactions.

It not only makes foreign payments easier but also gives you more control over exchange rates and currency savings, making it a smart financial move in today’s global economy.

Requirements to Open a Domiciliary Account in Nigeria (2025)

Opening a domiciliary account in Nigeria in 2025 has become more accessible as banks try to simplify the process for individuals, freelancers, and business owners who need to transact in USD, GBP, or EUR. However, there are still key documents and conditions you must meet before your application can be approved.

Here are the standard requirements most Nigerian commercial banks ask for:

1. Valid Means of Identification

You must provide a valid government-issued ID, such as:

• National Identification Number (NIN Slip or e-ID)

• International Passport

• Voter’s Card

• Driver’s License

The ID must be current and bear the same name you’ll use to open the account.

2. Two (2) Recent Passport Photographs

Clear passport-sized photos will be needed to complete your account opening form and to process your application.

3. Bank Verification Number (BVN)

Your BVN is mandatory. It links your financial activities across banks and is used for identity verification and security.

4. Recent Utility Bill

This serves as proof of address and should not be older than three months. Accepted documents include:

• Electricity bill

• Water bill

• Waste bill

• Internet or Cable TV subscription with your address

5. Two (2) References

Traditionally, banks required two current account holders as referees. However, in 2025, many banks have eased this rule by allowing:

• Internal bank referees (existing customers of the same bank)

• Self-referral (especially for customers with strong transaction history)

6. Minimum Opening Balance

Depending on the bank, the minimum opening deposit is usually between $50 to $100 (or the equivalent in GBP or EUR). Some banks may allow zero-balance opening but require the deposit before activating the account.

Meeting these requirements puts you on the right path to successfully open your domiciliary account in Nigeria in 2025. Always confirm with your preferred bank, as requirements may vary slightly. Ready for the next step? Let me know the next subheading you’d like me to cover.

Best Banks to Open a Domiciliary Account in Nigeria (2025)

Choosing the right bank to open your domiciliary account in Nigeria can make a big difference in how smoothly your international transactions are handled. In 2025, many Nigerian commercial banks offer dom accounts, but some stand out for their ease of use, international compatibility, low fees, and digital banking services. Below are the top banks to consider:

GTBank (Guaranty Trust Bank)

GTBank remains one of the best choices for opening a domiciliary account in Nigeria. It is widely trusted by international platforms like Payoneer, Upwork, and Fiverr, making it perfect for freelancers and remote workers.

Their online banking and mobile app are user-friendly, and you can easily link your GTBank dom account to Payoneer for direct foreign currency deposits. Account opening is relatively fast, and their Form A services are also efficient for tuition and medical payments abroad.

Zenith Bank

Zenith Bank is known for reliability and high transaction limits, making it suitable for business owners and importers who deal with large foreign transfers.

Their domiciliary accounts support USD, GBP, and EUR, and they offer over-the-counter foreign currency withdrawals. Their customer support is also responsive for FX-related queries. While the account opening process might be slightly more formal, it’s perfect for users who prioritize security and stability.

UBA (United Bank for Africa)

UBA offers one of the easiest domiciliary account opening processes in Nigeria. They cater well to students, new freelancers, and casual users. You can often open your dom account with lower documentation stress, and their branches are widely accessible.

UBA also supports Payoneer and Wise transfers, and their mobile banking app has improved significantly in recent years.

Access Bank

Access Bank is ideal for freelancers, remote workers, and SMEs. They offer flexible dom account options and are supportive of international platforms.

Their customer service is helpful, and they offer quick Form A and Form M processing. If you receive funds from PayPal via Payoneer or make frequent international purchases, Access Bank is a solid option.

First Bank of Nigeria

First Bank is one of the most stable and secure banks for long-term foreign currency savings. Their dom accounts are trusted for both personal and business use, and they support wire transfers, FX savings, and withdrawals.

While the user interface of their mobile app might not be the most modern, the bank remains a top choice for users who prioritize reputation and legacy support.

Each of these banks has its strengths, so your choice should depend on your transaction volume, frequency, and preferred digital tools. Let me know the next subheading and I’ll continue with the guide.

Things to Consider Before Opening a Domiciliary Account in Nigeria (2025)

Before choosing a bank to open your domiciliary account in Nigeria, it’s important to understand the practical and financial realities that come with using such an account.

In 2025, with rising exchange rate volatility and changing banking regulations, paying attention to the following factors will help you avoid unexpected charges or limitations:

1. Minimum Deposit and Account Maintenance Fees

Different banks have varying policies on the minimum opening balance and monthly maintenance fees. While some banks may allow you to open the account with as little as $50 or even zero balance, others may require between $100–$200 to activate your account.

Additionally, some banks charge a monthly or quarterly fee if your account remains dormant or underfunded. Always ask your bank for a full breakdown of fees before opening the account.

2. Exchange Rate Policies

One of the biggest concerns for dom account holders in 2025 is how banks handle currency conversion. Some banks only use the official CBN exchange rate, which may be significantly lower than the parallel (black market) rate.

This affects how much naira you get when you withdraw or convert your foreign currency. If you plan to withdraw your funds as cash, you may later sell them at black market rates for better returns. Be sure to ask about the bank’s exchange policy upfront.

3. Withdrawal and International Transfer Limits

Many Nigerian banks impose daily or weekly withdrawal and transfer limits on domiciliary accounts. For example, some banks allow only $1,000–$10,000 per day, depending on your account type and transaction history.

These limits can affect business owners or freelancers who receive high-volume payments. Check with your bank for the maximum allowed withdrawals, wire transfer capabilities, and related charges.

4. Dollar Cash Availability

Not all bank branches are consistent with cash availability, especially for USD or EUR withdrawals. In periods of FX scarcity, some branches may delay or ration withdrawals.

If you plan to withdraw dollars regularly, confirm from your chosen bank branch whether they always have foreign currency available or if they operate on a request-only basis.

Considering these factors before opening your domiciliary account in Nigeria in 2025 will help you make a smarter financial decision and avoid costly surprises. Let me know the next subheading you’d like to cover.

Conclusion

Opening a domiciliary account in Nigeria is one of the smartest financial decisions you can make in 2025, especially if you regularly deal with foreign currency transactions.

Whether you’re a freelancer receiving payments in USD, a student paying school fees abroad, a business owner importing goods, or someone who simply wants to save in more stable currencies like dollars, pounds, or euros, a dom account gives you the flexibility and control to operate on a global scale.

With the continuous fluctuation of the naira, having access to a domiciliary account allows you to preserve the value of your income and protect yourself against currency instability.

It also simplifies international payments and receipts, offering smoother transactions through platforms like Payoneer, Wise, Upwork, Fiverr, or via direct wire transfers.

As we’ve outlined in this 2025 guide, the process of opening a domiciliary account is straightforward if you prepare the necessary documents—valid ID, passport photos, BVN, utility bill, and referees.

By choosing the right bank—be it GTBank, Zenith, UBA, Access, or First Bank—you can enjoy better rates, easier access to foreign currency, and reliable customer support.

Before you begin, make sure you understand the minimum deposit, bank fees, exchange rate policies, and withdrawal limits. Also, check with your bank about cash availability and digital banking support for seamless operations.

In a world that’s becoming more financially interconnected, a domiciliary account puts you in a strong position to earn, save, and transact internationally—right from Nigeria. Don’t wait for the perfect time. Start the process today and open your dom account to unlock access to global opportunities.

FAQs

Which Nigerian bank is best for a domiciliary account?

Choosing the best Nigerian bank for a domiciliary account depends on factors like ease of access, fees, online banking capabilities, and currency options. Some of the top banks known for excellent domiciliary account services include Access Bank, GTBank, Zenith Bank, and UBA.

Access Bank stands out for its user-friendly mobile app and a wide range of foreign currencies supported, including USD, GBP, and EUR. They offer competitive charges and relatively low minimum opening balances, making it ideal for individuals and businesses.

GTBank is renowned for its robust online platform and excellent customer service. It offers domiciliary accounts with easy multi-currency options and fast international transaction processing. However, GTBank’s fees can be slightly higher than some competitors.

Zenith Bank also offers domiciliary accounts with strong online banking features and a wide acceptance of international transactions. They are popular among business owners due to their efficient forex services and strong customer support.

UBA is preferred for its wide branch network and competitive forex rates. Their domiciliary accounts support multiple currencies and provide good online banking services.

Overall, Access Bank and GTBank are often rated as the best for domiciliary accounts due to their combination of accessibility, competitive charges, and good digital banking experience.

However, your choice should be influenced by your specific needs, such as preferred currency, transaction volume, and whether you want a physical branch presence or mostly digital banking.

Can a domiciliary account receive euros?

Yes, a domiciliary account in Nigeria can receive euros. Domiciliary accounts are foreign currency accounts maintained in Nigerian banks that allow customers to hold, receive, and make payments in foreign currencies such as US Dollars (USD), British Pounds (GBP), and Euros (EUR).

Most Nigerian banks that offer domiciliary accounts provide multi-currency options, which include euros. When you open a domiciliary account, you can request to have it set up for a specific currency, including EUR. This enables you to receive euros from abroad directly into your account without converting them into Nigerian Naira immediately.

Receiving euros into a domiciliary account is convenient for individuals and businesses that engage in transactions involving Europe or Eurozone countries. It also protects the value of your funds by holding them in foreign currency rather than Nigerian Naira, which can be affected by inflation or exchange rate fluctuations.

It’s important to check with your bank about the specific currencies they support because some banks may have restrictions on certain currencies or may charge fees for receiving foreign currency payments.

Additionally, you should provide your sender with the correct International Bank Account Number (IBAN) or SWIFT code details required for euro transfers.

In summary, domiciliary accounts can receive euros, making them a useful tool for international trade, remittances, and personal savings in foreign currency.

How to create a domiciliary account in Nigeria?

Creating a domiciliary account in Nigeria involves a few straightforward steps. The process is designed to comply with Central Bank of Nigeria regulations and to help customers hold foreign currencies for international transactions. Here is a step-by-step guide:

1. Choose a Bank: Decide which Nigerian bank you want to open the domiciliary account with. Popular choices include Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank.

2. Visit the Bank or Apply Online: Some banks allow you to start the domiciliary account application online through their website or mobile app. Others may require you to visit a branch in person.

3. Provide Required Documentation: Typical documents required include:

   • A valid government-issued ID (e.g., National ID card, International Passport, Driver’s License)

   • Recent passport photographs

   • Proof of address (utility bill, bank statement, or tenancy agreement)

   • Completed application form

   • Tax Identification Number (TIN) or National Identification Number (NIN)

4. Fill the Application Form: Whether online or in person, complete the domiciliary account opening form, specifying the currency you want to hold (e.g., USD, GBP, EUR).

5. Make the Initial Deposit: Most banks require a minimum initial deposit, which varies by bank and currency. This can range from $50 to $100 or its equivalent in other foreign currencies.

6. Account Activation: After submitting your documents and deposit, the bank will verify your application and activate your domiciliary account. This process can take from a few hours to a few days depending on the bank.

7. Receive Account Details: You will get the account number, SWIFT code, and other details required to receive foreign currency payments. Some banks also issue domiciliary account debit cards.

By following these steps, you can open a domiciliary account that allows you to hold and transact in foreign currencies conveniently and securely.

What is the minimum amount to open a domiciliary account in Access Bank?

The minimum amount to open a domiciliary account with Access Bank Nigeria typically ranges between $100 and $200, depending on the currency you choose (USD, GBP, EUR, etc.).

Access Bank has positioned itself as one of the most accessible banks for domiciliary accounts by keeping the minimum opening balance affordable for individuals and small businesses.

While some banks might require a higher opening deposit, Access Bank focuses on flexibility, making it easier for customers to start their foreign currency accounts without a huge upfront cost. The minimum deposit is mostly to ensure that the account remains active and to cover any initial processing fees.

It’s important to note that after the account is opened, maintaining a minimum balance may also be required to avoid service charges or dormancy fees. These requirements can vary slightly depending on the specific branch or the currency type.

For the most accurate and updated information, it’s advisable to visit Access Bank’s official website or a nearby branch since policies can change based on the economic environment or Central Bank of Nigeria (CBN) regulations.

What are the disadvantages of a domiciliary account?

While domiciliary accounts offer many benefits, such as holding foreign currencies and facilitating international transactions, they also come with certain disadvantages:

1. Higher Maintenance Fees: Compared to regular naira accounts, domiciliary accounts often have higher maintenance fees, including monthly charges, transaction fees, and sometimes charges for inactivity.

2. Exchange Rate Risks: If you need to convert funds back to naira, you might be subject to fluctuating exchange rates, which could reduce the value of your funds during conversion.

3. Limited Access Points: Not all banks or branches may support domiciliary accounts or allow easy foreign currency transactions, sometimes limiting access to your funds.

4. Complex Documentation: Opening a domiciliary account usually requires more documentation and verification compared to local accounts, which may be cumbersome for some customers.

5. Transaction Restrictions: Some banks impose limits on the amount of money that can be sent or received through domiciliary accounts, especially for individuals, which can affect high-value transactions.

6. Currency Restrictions: Not all currencies are supported by domiciliary accounts in Nigeria, which may limit the account’s usefulness depending on your specific needs.

7. Regulatory Changes: Central Bank of Nigeria regulations can change, impacting domiciliary account operations, including restrictions on withdrawals, deposits, or transfers.

Understanding these disadvantages helps users decide whether a domiciliary account suits their financial needs, especially if they frequently deal with foreign currency transactions.

What is the minimum balance for a domiciliary account in First Bank?

First Bank of Nigeria requires customers to maintain a minimum balance of $100 or its equivalent in other foreign currencies for domiciliary accounts. This minimum balance is set to ensure the account remains active and to avoid dormancy fees or penalties.

Maintaining this balance is important as falling below the threshold can lead to charges or account restrictions. First Bank also offers domiciliary accounts in multiple currencies like USD, GBP, and EUR, with similar minimum balance requirements.

This minimum balance is quite standard across Nigerian banks offering domiciliary services, aligning with regulatory frameworks and operational costs involved in handling foreign currencies.

Can I transfer money from a domiciliary account to a naira account?

Yes, you can transfer money from a domiciliary account to a naira account in Nigeria, but it involves currency conversion. When you transfer funds from your domiciliary account (which holds foreign currency) to a naira account, the bank will convert the foreign currency amount into Nigerian Naira at the prevailing exchange rate.

The process usually involves these steps:

• Initiate a transfer from your domiciliary account specifying the recipient naira account.

• The bank applies the current exchange rate (which can include a margin or fee).

• The converted amount is credited to the naira account.

Keep in mind:

• Currency conversion fees and service charges might apply.

• Exchange rates vary between banks and can fluctuate daily.

• Some banks might require you to visit a branch for large transfers involving currency conversion.

This facility is useful for people who earn or hold foreign currency but need to use naira locally, enabling smooth and legal conversion under bank regulation.

How much does it cost to open a domiciliary account in UBA?

UBA (United Bank for Africa) typically requires an initial deposit of around $100 to $200 to open a domiciliary account, depending on the currency chosen. The account opening itself is generally free, but the minimum deposit serves as both the opening balance and a way to activate the account.

In addition to the deposit, UBA may charge some fees such as:

• Account maintenance fees (monthly or quarterly)

• Transaction fees for incoming and outgoing transfers

• Card issuance fees if you opt for a domiciliary debit card

These costs can vary depending on the currency and account type. UBA is well-known for offering competitive forex rates and a relatively smooth domiciliary account opening process, both online and in branches.

For the most precise and up-to-date costs, checking directly with UBA’s website or visiting a branch is recommended, especially as forex regulations and fees can change.

What is the CBN policy on domiciliary accounts?

The Central Bank of Nigeria (CBN) regulates domiciliary accounts to promote transparency, stability, and the effective management of foreign currency within Nigeria’s financial system.

According to CBN policies, domiciliary accounts are foreign currency accounts that Nigerian banks offer to individuals and businesses, allowing them to receive, hold, and make payments in foreign currencies like USD, GBP, and EUR.

The CBN requires banks to verify customer identity rigorously to prevent fraud and money laundering. It also mandates that all foreign currency transactions comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. The CBN allows domiciliary accounts for businesses engaged in international trade and individuals receiving legitimate foreign inflows.

CBN policies also stipulate limits and conditions on transfers and withdrawals to manage forex scarcity. For instance, there are daily or monthly limits on how much foreign currency can be withdrawn or converted to naira, often subject to documentation of the transaction’s purpose.

The policy encourages Nigerians to maintain funds in foreign currency domiciliary accounts as a hedge against local currency depreciation but also ensures proper reporting and accountability.

How much do I need to open a domiciliary account in Zenith Bank?

Zenith Bank typically requires a minimum opening deposit of $100 or its equivalent in other foreign currencies like GBP or EUR to open a domiciliary account. This minimum deposit activates the account and is consistent with industry standards in Nigeria.

Beyond the opening deposit, Zenith Bank may charge maintenance fees and transaction charges based on account activity and currency type. They offer domiciliary accounts with access to online banking and foreign currency debit cards, making it convenient for customers to transact internationally.

Always confirm the exact minimum deposit and fees on Zenith Bank’s official website or by visiting a branch, as these can change depending on market conditions and CBN directives.

Does a domiciliary account have an ATM card in Nigeria?

Yes, domiciliary accounts in Nigeria often come with ATM or debit cards linked to the foreign currency account. Many Nigerian banks such as Access Bank, GTBank, Zenith Bank, and UBA issue domiciliary debit cards that allow account holders to withdraw funds, make purchases, and conduct transactions in foreign currency.

These cards are usually branded with Visa, Mastercard, or Verve, allowing for international acceptance wherever those cards are accepted. Having a domiciliary ATM card helps users avoid currency conversion fees when transacting abroad and enables direct access to their foreign currency funds.

However, availability of domiciliary debit cards and associated fees vary by bank. Some banks may charge issuance fees and maintenance fees for these cards, so customers should verify the cost and benefits with their chosen bank.

Which bank is better for a dollar account?

For dollar accounts in Nigeria, Access Bank, GTBank, Zenith Bank, and UBA are generally considered the top choices due to their reliability, forex services, and digital banking platforms.

• Access Bank offers competitive forex rates, easy online access, and multiple currency options including USD.

• GTBank is known for excellent customer service and robust online platforms, making dollar account management seamless.

• Zenith Bank provides strong foreign currency services, debit cards, and easy transfer options.

• UBA stands out for its wide branch network and efficient forex transaction processes.

Choosing the best bank depends on your needs: fees, transaction limits, branch accessibility, and customer support. For most users, Access Bank and GTBank are preferred for user-friendly digital access and comprehensive forex solutions.

Which app can I use to open a dollar account in Nigeria?

Several Nigerian banks now allow customers to open dollar domiciliary accounts via their mobile banking apps. Notable apps include:

• Access Bank Mobile App: Allows easy domiciliary account creation, multi-currency wallet management, and forex transfers.

• GTBank Mobile App (GTWorld): Offers a smooth experience to open and manage dollar accounts and transact internationally.

• UBA Mobile Banking App: Enables domiciliary account opening and foreign currency transfers digitally.

• Zenith Bank Mobile App: Supports domiciliary account setup and management with convenient features.

Additionally, digital banks like ALAT by Wema provide simplified dollar account opening without visiting a branch. These apps are secure, require KYC verification, and allow users to receive, hold, and spend dollars conveniently from their phones.

Which bank has the best US Dollar account?

Among Nigerian banks, Access Bank, GTBank, and Zenith Bank are often considered to have the best US Dollar domiciliary accounts. These banks offer competitive forex rates, excellent customer service, and advanced digital platforms for easy account management.

Access Bank is known for its flexible minimum deposit and user-friendly mobile app, making it ideal for individuals and small businesses.

GTBank provides seamless online banking with quick processing times and efficient international transfers, which appeals to corporate clients and frequent forex users.

Zenith Bank offers strong forex services, low transaction fees, and debit cards linked to US Dollar accounts, enabling easy access to funds abroad.

The “best” bank depends on your preferences regarding fees, convenience, customer support, and digital banking features.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major Nigerian banks like Access Bank, GTBank, UBA, and Zenith Bank offer domiciliary accounts in multiple foreign currencies including USD, GBP, and EUR.

Opening a Pounds account follows the same process as other domiciliary accounts, allowing you to receive, hold, and transact in British Pounds. This is useful for individuals and businesses with ties to the UK or dealing with GBP payments.

Make sure to confirm the minimum deposit, fees, and supported services for GBP accounts with your chosen bank as policies can vary.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account at Sterling Bank, you typically need the following:

• A valid government-issued ID (International Passport, National ID Card, or Driver’s License)

• Passport-sized photographs

• Proof of residential address (utility bill or bank statement)

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank may also require a minimum initial deposit (usually around $100 or equivalent) to activate the account. The bank adheres to CBN’s guidelines and performs necessary KYC and AML checks before approving the account.

How much do I need to open a domiciliary account with First Bank?

First Bank generally requires a minimum opening deposit of $100 or the equivalent in other foreign currencies to open a domiciliary account. This minimum amount helps activate the account and maintain its operational status.

Additional fees might include maintenance charges and transaction fees, which vary based on account activity and the currency used.

How to set up a domiciliary account?

Setting up a domiciliary account involves these steps:

1. Choose a Nigerian bank offering domiciliary accounts (e.g., Access Bank, GTBank, Zenith Bank).

2. Visit a branch or use the bank’s online/mobile platform to initiate the application.

3. Submit required documents (valid ID, passport photos, proof of address, TIN or NIN).

4. Specify the currency (USD, GBP, EUR) for your domiciliary account.

5. Make the minimum initial deposit (commonly $100 or equivalent).

6. Wait for account verification and activation, which may take a few days.

7. Receive account details and start transacting internationally.

Which bank in Nigeria has the best dollar card?

The banks in Nigeria known for offering the best dollar cards are Access Bank, GTBank, and Zenith Bank. These banks issue domiciliary debit cards linked to your dollar account, often powered by Visa or Mastercard, enabling you to make purchases and withdraw cash internationally without needing to convert funds first.

Access Bank’s dollar card is popular for its low transaction fees and wide acceptance globally. Their mobile app also offers seamless card management.

GTBank’s dollar debit card is favored for its security features and ease of use, particularly for online transactions and international spending.

Zenith Bank provides a strong dollar card with competitive forex rates and reliable customer support, useful for business and personal use abroad.

What is the limit for Dollar bank?

The transaction limits for dollar domiciliary accounts in Nigerian banks vary but typically fall within these ranges:

• Daily withdrawal limits: Usually between $1,000 and $5,000 depending on the bank and account type.

• Monthly transfer limits: Often set by regulatory policies, sometimes capped around $10,000 to $50,000 for individuals without special approvals.

• ATM withdrawal limits: Generally between $200 and $500 per day.

Central Bank of Nigeria regulations also influence these limits to control foreign exchange outflows and prevent money laundering.

Is it worth opening an USD account?

Opening a USD domiciliary account in Nigeria is generally worth it if you regularly deal with foreign currency transactions. The main advantages include:

• Protection against Naira depreciation: Holding dollars safeguards your funds’ value amid exchange rate volatility.

• Ease of receiving international payments: Freelancers, importers, and exporters benefit from direct foreign currency receipts.

• Better control of forex transactions: It reduces costs and delays associated with currency conversion.

However, you should consider maintenance fees and potential restrictions before opening an account.

What banks work with every dollar?

Most major Nigerian banks accept US dollar transactions, but Access Bank, GTBank, UBA, Zenith Bank, and Sterling Bank are recognized for reliable dollar services. They support receiving, holding, and transferring USD through domiciliary accounts.

These banks maintain strong correspondent relationships with international banks, enabling smooth cross-border dollar transactions.

Is GTB a dollar account?

GTBank (Guaranty Trust Bank) offers domiciliary accounts denominated in US Dollars (USD) among other currencies. These accounts allow customers to hold, receive, and make payments in dollars and are commonly referred to as dollar accounts.

GTBank’s dollar accounts come with online banking, debit cards, and international transaction capabilities, making them a popular choice for forex users in Nigeria.

Which bank creates dollars?

No Nigerian bank “creates” dollars since the US Dollar is a foreign currency issued only by the United States Federal Reserve. Nigerian banks like Access Bank, GTBank, Zenith Bank, and UBA facilitate the buying, selling, and holding of dollars through their foreign exchange and domiciliary account services.

These banks obtain dollars through foreign exchange markets, correspondent banks abroad, and the Central Bank of Nigeria’s forex interventions. They provide dollar liquidity to customers who want to hold, receive, or transact in USD but do not generate or print the currency themselves.

How much is an open dollar account?

The cost to open a dollar domiciliary account in Nigeria generally includes a minimum initial deposit of about $100 to $200, depending on the bank and currency. This deposit activates the account.

Additional costs may include:

• Account maintenance fees (monthly or quarterly)

• Transaction fees for incoming and outgoing transfers

• Debit card issuance fees if applicable

These fees vary across banks but the initial deposit is usually the primary upfront cost. It’s always good to check the specific bank’s current pricing as fees can change due to market or regulatory adjustments.

How do I open an USD account?

To open a USD domiciliary account in Nigeria, follow these steps:

1. Select a Bank: Choose a Nigerian bank offering USD domiciliary accounts such as Access Bank, GTBank, Zenith Bank, or UBA.

2. Visit a Branch or Online Portal: Either visit a physical branch or use the bank’s website/app if they offer online account opening.

3. Submit Required Documents: Provide valid ID (passport, driver’s license, or national ID), passport photographs, proof of address, and Tax Identification Number (TIN) or National Identification Number (NIN).

4. Complete the Application Form: Fill in the domiciliary account application specifying USD as the currency.

5. Make Minimum Deposit: Deposit the required minimum opening balance (usually $100 or more).

6. Account Activation: Wait for verification and activation, which may take a few days.

7. Receive Account Details: Get your USD account number and, if applicable, debit card.

What is the name of the dollar account in Nigeria?

In Nigeria, a dollar account is generally called a “Domiciliary Account” or more specifically a “USD Domiciliary Account.” This term refers to foreign currency accounts held with Nigerian banks, where customers can hold, send, and receive US Dollars and other foreign currencies.

Which bank can receive dollars in Nigeria from the USA?

Many Nigerian banks can receive dollars sent from the USA via international wire transfer or remittance services. Notably, Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank have strong correspondent banking relationships to facilitate smooth receipt of USD from abroad.

Customers need to provide their domiciliary account details, including SWIFT/BIC codes and account numbers, to the sender in the USA. These banks also support popular remittance platforms like Western Union, MoneyGram, and online transfer services.

Which app can I use to open a dollar account?

Several Nigerian banks and fintech platforms allow you to open a dollar (USD) domiciliary account using their mobile apps. Notable apps include:

• Access Bank Mobile App: Enables you to open and manage domiciliary accounts in multiple currencies, including USD.

• GTBank’s GTWorld App: Allows easy domiciliary account creation and international transaction management.

• UBA Mobile Banking App: Supports opening and managing USD domiciliary accounts seamlessly.

• Zenith Bank Mobile App: Offers domiciliary account services and card management.

• ALAT by Wema: A digital bank app that allows you to open a dollar account remotely with minimal paperwork.

These apps require you to complete KYC verification digitally and make an initial deposit before your account is activated.

Which Nigerian bank is best for a domiciliary account?

The best Nigerian banks for domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA. These banks are known for:

• Competitive forex rates

• Easy account opening processes (both online and offline)

• Robust digital platforms for account management

• Availability of domiciliary debit cards for international spending

• Wide branch networks and strong customer support

Access Bank and GTBank are especially popular for their user-friendly mobile apps and multi-currency account options.

How to open a dollar domiciliary account?

To open a dollar domiciliary account in Nigeria:

1. Choose a bank offering USD domiciliary accounts (e.g., Access Bank, GTBank).

2. Visit a branch or use the bank’s website/app to start the application.

3. Provide necessary documents: valid ID, passport photos, proof of address, and TIN or NIN.

4. Fill out the domiciliary account form, specifying USD as the currency.

5. Make the minimum initial deposit (usually $100 or equivalent).

6. Wait for account approval and activation.

7. Receive your account details and start transacting in USD.

Is Geegpay legit in Nigeria?

Geegpay is a relatively new payment platform in Nigeria, offering services such as online payment processing and remittance. While it is gaining traction, users should exercise caution and conduct due diligence before using it extensively. Checking for user reviews, licensing, and regulatory compliance is important to verify its legitimacy.

How to transfer naira to dollar account?

Transferring Naira to a dollar domiciliary account involves currency conversion. You can:

• Visit your bank (branch or app) and instruct them to convert and transfer Naira to your domiciliary USD account.

• The bank will convert Naira to USD at the prevailing exchange rate, minus any fees.

• The converted amount is credited to your USD domiciliary account.

Note that exchange rates and fees vary by bank, and some banks require documentation for large transfers.

How do I open a UBA domiciliary account?

Opening a UBA domiciliary account in Nigeria is a straightforward process designed to help individuals and businesses hold and transact in foreign currencies like USD, GBP, and EUR.

To start, visit any UBA branch or use the UBA mobile banking app or website for convenience. You will need to provide a valid government-issued ID (such as an international passport, national ID card, or driver’s license), recent passport-sized photographs, proof of residential address (like a utility bill or bank statement), and your Tax Identification Number (TIN) or National Identification Number (NIN).

Once your documents are submitted, fill out the domiciliary account application form, specifying the foreign currency you want to hold. You are required to make an initial deposit, typically around $100 or its equivalent in other currencies, which varies depending on the currency selected.

After verification and account setup, UBA will provide you with account details, including your account number and SWIFT code, essential for receiving international transfers. You may also request a domiciliary debit card linked to your account, allowing easy access to your foreign currency funds for withdrawals and payments.

Can PalmPay receive dollars?

PalmPay primarily functions as a mobile payment app focused on local transactions in Nigerian Naira. Currently, PalmPay does not support receiving or holding foreign currencies such as US Dollars directly in its wallet. The platform facilitates bill payments, airtime purchases, transfers, and merchant payments within Nigeria’s local currency ecosystem.

If you want to receive dollars, you would typically need a domiciliary account with a Nigerian bank or use international payment platforms or remittance services that support foreign currencies. For now, PalmPay is not designed for cross-border dollar transactions or foreign currency wallets.

Does GTBank have a dollar account?

Yes, GTBank (Guaranty Trust Bank) offers domiciliary accounts denominated in US Dollars as well as other major foreign currencies like British Pounds and Euros. Their dollar accounts allow customers to receive, hold, and make payments in USD without converting to Nigerian Naira immediately.

GTBank’s dollar accounts come with convenient features such as online banking access through their GTWorld app, international debit cards, and easy forex transactions.

This makes it ideal for individuals and businesses that engage in international trade, freelance work, or receive foreign remittances. GTBank is known for efficient forex services, competitive exchange rates, and strong customer support, making its domiciliary dollar account popular in Nigeria.

What is the dollar rate for UBA?

The dollar exchange rate at UBA (United Bank for Africa) fluctuates daily, depending on market forces, Central Bank of Nigeria policies, and foreign exchange availability.

As of the most recent update in 2025, UBA’s buying rate for the US Dollar typically ranges between ₦750 and ₦765 per USD, while the selling rate can be between ₦765 and ₦780.

Exchange rates can vary slightly between branches and digital platforms. UBA also factors in transaction fees and forex service charges when converting currencies. For the most accurate and current dollar rate, it’s advisable to check UBA’s official website, mobile app, or contact their customer service before initiating transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank launched by Wema Bank. It offers a 100% digital banking experience that allows users to open and manage savings and domiciliary accounts without visiting a physical branch. The ALAT app supports opening dollar domiciliary accounts, providing easy access to foreign currency wallets, international transfers, and debit cards.

The platform is designed for convenience, speed, and security, with features like automated savings, bill payments, loan applications, and investment options. ALAT is popular for its user-friendly interface and the ability to manage all banking activities remotely via smartphone.

Is the Cleva app legit in Nigeria?

The Cleva app is a Nigerian fintech platform that primarily focuses on wealth management and investing. It allows users to invest in various financial products, including mutual funds, US stocks, and cryptocurrencies, directly from their smartphones.

The app is registered and regulated by the Nigerian Securities and Exchange Commission (SEC), which adds credibility to its operations.

Cleva has gained popularity because it provides an easy-to-use interface, educational resources for beginners, and a wide variety of investment options. While the app is generally considered legit, users should always exercise caution, perform due diligence, and avoid investing amounts they cannot afford to lose, as all investments carry some risk. Overall, Cleva is seen as a trustworthy and growing player in Nigeria’s fintech ecosystem.

How to create a foreign account?

Creating a foreign (or domiciliary) account in Nigeria involves opening an account that can hold foreign currency such as USD, GBP, or EUR. To create one:

1. Choose a Nigerian bank that offers domiciliary accounts (e.g., Access Bank, GTBank, UBA).

2. Provide valid identification documents like an international passport or national ID card.

3. Submit proof of address, passport photographs, and Tax Identification Number (TIN) or National Identification Number (NIN).

4. Fill out the domiciliary account application form, specifying the currency you want.

5. Make the required minimum deposit (usually $100 or equivalent).

6. Complete any KYC and AML verification required by the bank.

Once approved, you will receive your account details, allowing you to receive and send foreign currency legally.

How do I check my UBA domiciliary account balance?

To check your UBA domiciliary account balance, you have several convenient options:

• UBA Mobile Banking App: Log in to the app using your credentials and navigate to your domiciliary account to view your balance in foreign currency.

• USSD Code: Dial *919# from your registered phone number, follow the prompts, and select your domiciliary account to check the balance.

• Internet Banking: Log in to UBA’s internet banking portal to access your account details and balance.

• Customer Service: Call UBA’s customer care for assistance or visit a branch for an account statement.

These options provide quick and secure ways to monitor your domiciliary funds anytime.

How do I create a domiciliary account?

Creating a domiciliary account in Nigeria involves opening a foreign currency account with a licensed bank. The steps include:

1. Choose a bank that offers domiciliary accounts (e.g., Access Bank, GTBank, Zenith Bank).

2. Gather required documents: valid ID, passport photos, proof of address, TIN or NIN.

3. Visit a branch or use the bank’s online platform to apply.

4. Complete the application form and specify the foreign currency you want to hold.

5. Make the initial deposit (often $100 or equivalent).

6. Wait for account verification and activation.

7. Receive your domiciliary account details and begin transacting.

Which bank has the best US dollar account?

The best US dollar accounts in Nigeria are offered by Access Bank, GTBank, Zenith Bank, and UBA. These banks provide competitive exchange rates, user-friendly digital platforms, domiciliary debit cards, and excellent customer support.

• Access Bank stands out for affordability and multi-currency support.

• GTBank is praised for its online banking experience.

• Zenith Bank offers reliable forex services and good debit card options.

• UBA is notable for its wide network and competitive fees.

Choosing the best depends on your specific needs, including fees, access to branches, and online capabilities.

What are the disadvantages of a domiciliary account?

While domiciliary accounts offer many advantages, such as holding foreign currency and facilitating international transactions, they also come with some disadvantages.

One of the main drawbacks is the higher maintenance fees compared to regular naira accounts. These fees can include monthly account maintenance charges, transaction fees, and sometimes charges for inactivity or dormancy.

Another issue is the exchange rate risk. When converting funds back to naira, account holders might face unfavorable exchange rates, especially during periods of currency volatility, which can reduce the overall value of their money.

Additionally, limited accessibility is a challenge since not all Nigerian banks or branches offer domiciliary services, and some online platforms may have restrictions.

Customers may also face transaction limits on how much foreign currency they can withdraw or transfer within a given period, often influenced by Central Bank of Nigeria policies.

Opening and maintaining a domiciliary account requires more documentation and verification than local accounts, which can be cumbersome for some customers. Lastly, domiciliary accounts may not support all currencies, limiting their usefulness depending on individual needs.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account at Sterling Bank, you generally need to provide the following:

• A valid government-issued ID such as an international passport, national ID card, or driver’s license

• Recent passport-sized photographs

• Proof of residential address, like a utility bill or bank statement

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank may also require a minimum opening deposit (usually around $100 or equivalent). The bank will perform KYC (Know Your Customer) and AML (Anti-Money Laundering) checks as part of the account approval process.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most Nigerian banks, including Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank, offer domiciliary accounts in multiple foreign currencies such as USD, GBP, and EUR.

Opening a pounds account follows the same procedures as other domiciliary accounts and allows you to hold, receive, and transact in British Pounds. This is especially useful for individuals or businesses with financial dealings in the United Kingdom or other countries using GBP.

What is a USD domiciliary account?

A USD domiciliary account is a type of foreign currency account offered by Nigerian banks that allows individuals and businesses to hold, receive, and make payments in US Dollars. Unlike a regular naira account, it enables you to protect your funds from local currency fluctuations and manage international transactions more efficiently.

These accounts come with features such as foreign currency debit cards, online banking access, and the ability to receive remittances or payments from overseas without immediate currency conversion. They are ideal for importers, exporters, freelancers paid in dollars, and anyone needing to transact internationally.

What are the benefits of opening a USD account?

Opening a USD domiciliary account provides several benefits:

• Protection against currency depreciation: Holding funds in USD protects your money from the volatility and inflation of the Nigerian Naira.

• Ease of receiving international payments: Freelancers, exporters, and individuals receiving remittances can directly receive payments in USD without multiple conversions.

• Cost-effective forex transactions: Reduces conversion costs and delays when sending or receiving foreign currency payments.

• Access to international markets: Enables easier payments for overseas services, purchases, or investments.

• Convenient multi-currency management: Many banks offer multi-currency wallets for better financial flexibility.

Can Opay receive money from abroad?

Opay is a popular Nigerian fintech platform focused on mobile payments, transfers, and bill payments within Nigeria. However, as of 2025, Opay does not support receiving foreign currency payments or direct transfers from abroad. It primarily operates in Nigerian Naira for domestic transactions.

If you want to receive money from abroad in Nigeria, using a domiciliary account in a Nigerian bank is the best option because these accounts can hold foreign currencies like USD or GBP. Alternatively, remittance services such as Western Union, MoneyGram, or digital wallets linked to banks can facilitate cross-border transfers.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to a Nigerian domiciliary account. Domiciliary accounts are foreign currency accounts offered by Nigerian banks that allow customers to receive, hold, and make payments in foreign currencies such as US Dollars.

To receive dollars, the sender needs your domiciliary account number, SWIFT/BIC code of your bank, and sometimes the bank’s correspondent bank details. The funds sent from abroad will be credited directly in US Dollars to your domiciliary account without immediate conversion to Naira.

This makes domiciliary accounts ideal for receiving international payments such as salaries, freelance earnings, remittances, or business payments in foreign currency.

How do I open an UBA domiciliary account?

Opening a UBA domiciliary account in Nigeria involves several straightforward steps designed to make it easy for customers to hold and transact in foreign currencies like USD, GBP, and EUR.

First, visit any UBA branch or use the UBA mobile app or internet banking platform. You will need to provide valid identification such as an international passport, national ID card, or driver’s license.

Additionally, you’ll need to present proof of residence (such as a utility bill or bank statement), recent passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

After submitting your documents, complete the domiciliary account application form, indicating the foreign currency you want to hold. UBA usually requires a minimum opening deposit, typically around $100 or equivalent.

Once your application is verified and approved, your domiciliary account will be activated, and you will receive your account details including account number and SWIFT code, which are essential for receiving international transfers. You may also request a domiciliary debit card linked to your account to facilitate global transactions.

Can PalmPay receive dollars?

PalmPay is a mobile payment platform primarily designed for local Nigerian transactions and currently does not support holding or receiving funds in foreign currencies like US Dollars. The app focuses on facilitating payments, airtime purchases, and fund transfers in Nigerian Naira within the country’s borders.

If you need to receive US Dollars or other foreign currency, it is advisable to open a domiciliary account with a Nigerian bank, which allows you to hold and transact in foreign currencies legally and efficiently.

Alternatively, international money transfer services like Western Union, MoneyGram, or fintech apps supporting foreign currency wallets are better suited for receiving dollars.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts denominated in US Dollars and other major currencies such as Pounds Sterling and Euros. These accounts enable customers to receive, hold, and make payments in foreign currency without converting funds to Naira immediately.

GTBank’s domiciliary accounts come with features such as internet banking via their GTWorld app, international debit cards, and access to convenient forex services.

This makes GTBank’s dollar account particularly attractive for individuals and businesses involved in international trade, freelancing, or remittances. The bank is recognized for competitive exchange rates, smooth account management, and responsive customer service in its forex operations.

What is the dollar rate for UBA?

The US Dollar exchange rate at UBA fluctuates daily based on the foreign exchange market, Central Bank of Nigeria policies, and demand-supply factors. As of 2025, UBA’s buying rate generally ranges between ₦750 and ₦765 per US Dollar, while the selling rate might vary from ₦765 to ₦780.

These rates can differ slightly between branches and digital channels, and additional fees might apply depending on the transaction type. For the most accurate and up-to-date dollar rates, it’s best to consult UBA’s official website, mobile app, or contact customer service before making any foreign currency transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank launched by Wema Bank, designed to provide a complete banking experience through smartphones and the web without needing physical branches. ALAT allows users to open savings and domiciliary accounts, including US Dollar accounts, entirely online with minimal paperwork.

The platform offers features like automated savings, bill payments, loan applications, and investment options. It supports foreign currency wallets, international transfers, and debit cards linked to domiciliary accounts.

ALAT is known for its user-friendly interface, fast account opening, and secure banking environment, making it a popular choice for tech-savvy Nigerians seeking digital banking solutions.

Is the Cleva app legit in Nigeria?

The Cleva app is a fintech investment platform available in Nigeria, designed to simplify investing in local and international markets. It allows users to invest in mutual funds, US stocks, cryptocurrencies, and other financial products directly from their smartphones. Cleva is regulated by the Nigerian Securities and Exchange Commission (SEC), which lends credibility to its operations.

Cleva has gained traction for its easy-to-use interface, educational resources, and diversified investment options, making it accessible for beginners and experienced investors alike.

While no investment platform is without risk, Cleva is considered a legitimate and secure app in Nigeria’s growing fintech ecosystem. Users should always conduct personal due diligence and invest responsibly.

How to create a foreign account?

Creating a foreign or domiciliary account in Nigeria means opening a bank account that can hold and transact in foreign currencies such as US Dollars, British Pounds, or Euros. To create such an account, you need to:

1. Select a bank that offers domiciliary accounts (e.g., Access Bank, GTBank, Zenith Bank).

2. Provide valid identification documents like an international passport or national ID card.

3. Submit proof of residential address, recent passport photos, and your Tax Identification Number (TIN) or National Identification Number (NIN).

4. Complete the domiciliary account application form, specifying the foreign currency you want to hold.

5. Make the minimum initial deposit (usually around $100 or equivalent).

6. Complete any necessary KYC and AML (Anti-Money Laundering) procedures required by the bank.

Once approved, you will receive your foreign currency account details, which allow you to receive and send international payments legally and conveniently.

How do I check my UBA domiciliary account balance?

To check your UBA domiciliary account balance, you can use several convenient methods:

• UBA Mobile Banking App: Log into the app and select your domiciliary account to view your balance.

• USSD Code: Dial *919# from your registered phone number and follow prompts to check your domiciliary account balance.

• Internet Banking: Access your account through UBA’s online banking portal to view balances and recent transactions.

• Customer Service: Contact UBA’s customer care or visit a branch for assistance and account statements.

These options provide quick and secure access to your foreign currency account balance anytime.

How do I create a domiciliary account?

Creating a domiciliary account involves opening a foreign currency account with a licensed Nigerian bank. The process includes:

1. Choose a bank that offers domiciliary accounts (e.g., Access Bank, GTBank, Zenith Bank).

2. Prepare necessary documents such as a valid ID, passport photos, proof of address, and Tax Identification Number (TIN) or National Identification Number (NIN).

3. Apply either online or at a branch, specifying the foreign currency (USD, GBP, EUR, etc.) you want to hold.

4. Make the required minimum deposit, typically around $100 or equivalent.

5. Complete KYC (Know Your Customer) and AML (Anti-Money Laundering) verification processes.

6. Once verified and approved, receive your domiciliary account details and begin using the account for international transactions.

This account allows you to receive, hold, and send foreign currencies legally and conveniently.

Which bank has the best US dollar account?

Top Nigerian banks offering some of the best US Dollar domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA.

• Access Bank offers competitive rates, multi-currency options, and a user-friendly mobile app for managing domiciliary accounts.

• GTBank is praised for its seamless digital banking experience and reliable forex services.

• Zenith Bank provides strong customer support, excellent forex rates, and domiciliary debit cards.

• UBA boasts a wide branch network and competitive fees, making it accessible and convenient.

Choosing the best depends on your preferences regarding fees, digital access, customer service, and transaction limits.

What are the disadvantages of a domiciliary account?

While domiciliary accounts provide a convenient way to hold and transact in foreign currencies, they come with some disadvantages. Firstly, these accounts often have higher maintenance fees compared to regular naira accounts. Banks may charge monthly or quarterly service fees, and additional transaction fees can apply when transferring funds.

Secondly, there is exchange rate risk. Although domiciliary accounts protect against naira depreciation while holding foreign currency, converting the funds back to naira can lead to losses if the exchange rate fluctuates unfavorably.

Thirdly, limited access and usability can be a challenge. Not all merchants or services accept payments directly from domiciliary accounts, especially locally, which can restrict their use to mostly international transactions.

Moreover, the documentation and verification process is often more stringent due to KYC and AML regulations, making it less convenient for some users to open and maintain these accounts. Finally, there may be transaction limits imposed by the Central Bank of Nigeria to regulate foreign currency outflows, which can restrict how much you can withdraw or transfer abroad at once.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account with Sterling Bank, you typically need to provide the following:

• A valid government-issued ID such as an international passport, national ID card, or driver’s license

• Recent passport-sized photographs

• Proof of residential address (such as a utility bill or bank statement)

• Completed domiciliary account application form provided by the bank

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank usually requires an initial minimum deposit of around $100 or the equivalent in other foreign currencies. The bank will also conduct necessary KYC (Know Your Customer) and AML (Anti-Money Laundering) verifications before approving the account.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major banks like Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in multiple foreign currencies including GBP, USD, and EUR.

Opening a pounds account enables you to receive, hold, and transact in British Pounds, which is especially useful for individuals or businesses with financial dealings in the UK or other countries using GBP. The process and requirements are similar to opening a USD domiciliary account.

What is a USD domiciliary account?

A USD domiciliary account is a foreign currency account maintained with Nigerian banks that allows customers to hold, receive, and make payments in US Dollars. It provides a way to protect your funds against the depreciation of the Nigerian Naira and enables easy access to foreign currency for international transactions.

These accounts often come with features like international debit cards, online banking access, and the ability to receive remittances or payments directly in USD. They are ideal for businesses engaged in import/export, freelancers paid in dollars, and individuals who frequently transact in foreign currency.

What are the benefits of opening a USD account?

Opening a USD domiciliary account offers several benefits:

• Hedging against currency depreciation: It protects your funds from fluctuations and devaluation of the Nigerian Naira.

• Ease of receiving international payments: Freelancers, exporters, and those who receive remittances can accept payments directly in USD.

• Cost-effective forex management: Reduces the costs and delays associated with converting foreign currency to Naira multiple times.

• Access to global markets: Makes it easier to pay for international services, purchases, and investments.

• Multi-currency flexibility: Many banks offer multi-currency domiciliary accounts for diversified currency holdings.

Can Opay receive money from abroad?

Opay is a popular Nigerian payment app primarily designed for domestic transactions in Nigerian Naira. As of 2025, Opay does not support receiving or holding foreign currencies such as US Dollars directly. Its services focus on local money transfers, bill payments, airtime purchases, and merchant payments within Nigeria.

For receiving funds from abroad, it is advisable to use a Nigerian bank domiciliary account, which is specifically designed to hold foreign currency. Additionally, international remittance services such as Western Union, MoneyGram, or fintech platforms that specialize in cross-border payments are better suited for receiving dollars.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to a Nigerian domiciliary account. These accounts are designed to hold foreign currencies such as US Dollars, British Pounds, and Euros. To receive dollars, the sender abroad will need your domiciliary account number, the bank’s SWIFT/BIC code, and sometimes correspondent bank details.

Funds sent from abroad in US Dollars are credited directly to your domiciliary account without being converted to Naira, allowing you to maintain the value of your funds until you decide to convert or spend them.

This makes domiciliary accounts an excellent tool for receiving international salaries, freelance payments, business proceeds, or remittances in foreign currency.

How to open a dollar domiciliary account?

Opening a dollar domiciliary account in Nigeria is a simple process designed to help individuals and businesses hold and transact in US Dollars and other foreign currencies. You can start by choosing a bank that offers domiciliary accounts, such as Access Bank, GTBank, Zenith Bank, UBA, or Sterling Bank.

Next, visit a branch or use the bank’s online platform or mobile app to begin your application. You will need to provide identification documents like a valid international passport, a recent utility bill or bank statement as proof of address, passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Fill out the domiciliary account application form, specifying the currency as US Dollars. You will be required to make a minimum initial deposit, typically around $100 or its equivalent.

After submitting your documents and deposit, the bank will verify your information and activate your account. Once opened, you can access your account details, request a domiciliary debit card, and begin transacting internationally in dollars.

Which Nigerian bank is best for a domiciliary account?

Some of the best Nigerian banks for domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA. These banks are well-known for their competitive foreign exchange rates, user-friendly digital banking platforms, and reliable customer service.

Access Bank is popular for its multi-currency options and straightforward account opening procedures. GTBank is highly regarded for its excellent online and mobile banking experience, making international transactions easier. Zenith Bank offers strong forex services and debit cards linked to domiciliary accounts, while UBA provides a wide network and competitive fees.

Choosing the best bank depends on your needs, such as fee structure, ease of account access, customer support, and the availability of domiciliary debit cards.

How to transfer naira to dollar account?

Transferring Naira to a domiciliary (dollar) account involves a currency conversion process. To do this, you can visit your bank’s branch or use their online/mobile banking platform. Provide instructions to convert your Naira funds into US Dollars and credit them to your domiciliary account.

The bank will convert the amount based on the prevailing exchange rate and deduct any applicable transaction fees. The converted dollars will then reflect in your domiciliary account. Keep in mind that exchange rates fluctuate, so the amount credited may vary depending on market conditions at the time of transfer.

How do I open a UBA domiciliary account?

To open a UBA domiciliary account, visit a UBA branch or use their mobile app or online banking platform. Provide a valid means of identification such as an international passport or national ID, proof of address, passport photographs, and your TIN or NIN.

Complete the domiciliary account application form and specify your desired currency, usually US Dollars. Make an initial deposit, which is commonly around $100. After completing all verification processes, your account will be activated, allowing you to hold and transact in foreign currencies.

What is the name of the dollar account in Nigeria?

In Nigeria, a dollar account is commonly referred to as a “Domiciliary Account.” This type of account allows individuals and businesses to hold and transact in foreign currencies, primarily US Dollars (USD), but also other major currencies like British Pounds (GBP) and Euros (EUR).

The domiciliary account enables users to receive international payments directly in foreign currency, make international transfers, and withdraw funds abroad. It is distinct from a regular naira account because it operates in foreign currency, providing protection against local currency fluctuations.

Which app can I use to open a dollar account?

Several Nigerian banks and fintech platforms provide apps that allow you to open a dollar domiciliary account conveniently. Popular options include:

• Access Bank Mobile App: You can open and manage domiciliary accounts directly through this app.

• GTBank’s GTWorld App: Offers domiciliary account opening and management features.

• UBA Mobile Banking App: Supports opening and monitoring dollar domiciliary accounts.

• ALAT by Wema: A fully digital bank that allows users to open dollar accounts remotely.

• Zenith Bank Mobile App: Enables account opening and transaction management for domiciliary accounts.

These apps generally require you to complete KYC procedures digitally and fund your account with the minimum opening balance.

Which bank has the best US Dollar account?

The best US Dollar accounts in Nigeria are typically offered by Access Bank, GTBank, Zenith Bank, and UBA. These banks stand out due to:

• Competitive exchange rates.

• User-friendly digital platforms for easy account management.

• Availability of domiciliary debit cards for international transactions.

• Strong customer support and widespread branch networks.

Each bank has its strengths — Access Bank is known for multi-currency flexibility, GTBank for online banking, Zenith Bank for excellent forex services, and UBA for accessibility.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account at Sterling Bank, you generally need:

• A valid government-issued ID (passport, national ID, driver’s license).

• Recent passport-sized photographs.

• Proof of residential address (utility bill, bank statement).

• Completed domiciliary account application form.

• Tax Identification Number (TIN) or National Identification Number (NIN).

• Minimum initial deposit (usually around $100 or equivalent).

Sterling Bank will carry out KYC and AML verifications before approving your account.

Can I open a pounds account in Nigeria?

Yes, Nigerian banks such as Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in British Pounds (GBP) alongside other currencies like USD and EUR.

Opening a pounds account is useful if you frequently deal with financial transactions involving the UK. The process and documentation requirements are similar to opening a USD domiciliary account.

What is an USD domiciliary account?

A USD domiciliary account is a foreign currency account provided by Nigerian banks that allows customers to hold, receive, and make transactions in United States Dollars.

Unlike a regular naira account, this account enables you to protect your funds from local currency fluctuations and facilitates international payments or receipts without immediate conversion to naira.

The domiciliary account is ideal for individuals who receive salaries or payments from abroad, businesses engaged in import/export, and freelancers paid in foreign currency.

Typically, these accounts offer features such as international debit cards, online banking access, and the ability to hold multiple foreign currencies, depending on the bank.

Holding funds in USD domiciliary accounts helps mitigate the risks associated with naira devaluation and gives users more control over when to convert their foreign currency into local currency.

What are the benefits of opening a USD account?

Opening a USD domiciliary account offers several key benefits:

• Protection against currency depreciation: Holding money in US Dollars safeguards your funds from the volatility and inflation of the Nigerian Naira.

• Convenience for international transactions: Whether you’re receiving freelance payments, remittances, or business proceeds, you can directly transact in dollars without multiple conversions.

• Cost savings on forex transactions: Reduces the fees and delays often incurred when converting foreign currency repeatedly.

• Access to international markets: Makes paying for services, subscriptions, or purchases abroad easier and more seamless.

• Multi-currency management: Some banks offer accounts that hold different currencies, enhancing financial flexibility.

Overall, a USD domiciliary account provides financial security and convenience for those dealing with foreign currency regularly.

Can Opay receive money from abroad?

Opay is a Nigerian fintech platform mainly focused on facilitating local payments, transfers, and financial services within Nigeria. As of 2025, Opay does not support receiving foreign currency payments or holding funds in US Dollars or other foreign currencies.

The platform works primarily with Nigerian Naira for transactions like bill payments, airtime top-ups, and merchant services. To receive money from abroad, it is advisable to use domiciliary accounts offered by Nigerian banks, which are designed to hold foreign currencies.

Alternatively, international remittance platforms such as Western Union, MoneyGram, or fintech wallets specialized in cross-border payments should be used.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to a Nigerian domiciliary account. These accounts are specifically designed to hold foreign currencies such as US Dollars, British Pounds, and Euros. To receive dollars, the sender abroad needs your domiciliary account number, the bank’s SWIFT or BIC code, and sometimes the correspondent bank details.

Once the funds are sent, they are credited in the foreign currency to your domiciliary account without conversion to naira. This allows you to hold the funds in their original currency until you decide to convert or use them for payments. Receiving dollars directly into domiciliary accounts is common for expatriates, freelancers, importers, and anyone receiving foreign payments.

How to open a dollar domiciliary account?

Opening a dollar domiciliary account in Nigeria involves a simple but regulated process. Begin by choosing a bank that offers domiciliary services, such as Access Bank, GTBank, UBA, Zenith Bank, or Sterling Bank. Visit a branch or use the bank’s digital platforms (mobile app or website) to start your application.

You will need to provide several documents, including a valid government-issued ID (international passport, national ID, or driver’s license), proof of residence (a recent utility bill or bank statement), passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

After submitting the documents and filling out the domiciliary account application form, make the minimum initial deposit—usually around $100 or equivalent.

The bank will verify your details and activate the account, after which you will receive your account details and possibly a domiciliary debit card. This account allows you to hold, receive, and make transactions in US Dollars.

Which Nigerian bank is best for a domiciliary account?

Several Nigerian banks are top choices for domiciliary accounts, including Access Bank, GTBank, Zenith Bank, and UBA.

• Access Bank is known for its competitive forex rates and multi-currency domiciliary accounts, with a smooth online application process.

• GTBank offers excellent digital banking services through its GTWorld app and provides good forex services.

• Zenith Bank has strong forex operations and offers domiciliary debit cards for easy international access.

• UBA is popular due to its widespread branch network and competitive fees on domiciliary accounts.

Your best choice depends on your preference for fees, online banking quality, customer service, and card availability.

How to transfer naira to dollar account?

To transfer Naira to your dollar domiciliary account, you typically instruct your bank to convert a specified amount of Naira into US Dollars and credit your domiciliary account accordingly. This can be done at a bank branch or via the bank’s online or mobile banking platforms.

The conversion is done at the prevailing exchange rate offered by the bank, which may include transaction fees or commissions. Once converted, the equivalent amount in USD is credited to your domiciliary account, allowing you to hold and transact in foreign currency. Keep in mind exchange rates fluctuate, so the exact dollar amount credited depends on the rate at the time of transfer.

How do I open a UBA domiciliary account?

To open a UBA domiciliary account, visit any UBA branch or use their online/mobile banking platform. You will need to provide a valid means of identification such as an international passport, national ID card, or driver’s license.

Additionally, you must submit recent passport-sized photographs, proof of residential address (like a utility bill), and your Tax Identification Number (TIN) or National Identification Number (NIN).

Fill out the domiciliary account application form, specifying the foreign currency you wish to hold, commonly US Dollars. You are usually required to make a minimum opening deposit, often around $100.

After verification of your documents and approval, your domiciliary account will be activated, allowing you to receive and make transactions in foreign currencies.

Can PalmPay receive dollars?

PalmPay is primarily designed as a local payment platform focused on Nigerian Naira transactions. Currently, PalmPay does not support receiving or holding foreign currencies such as US Dollars. The app allows users to perform local money transfers, pay bills, purchase airtime, and shop with Nigerian merchants using Naira.

For receiving dollars or other foreign currency payments, you would need to use a domiciliary account with a Nigerian bank or other international payment platforms and remittance services that support foreign currencies.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts that allow customers to hold and transact in US Dollars as well as other foreign currencies such as British Pounds and Euros. These accounts are ideal for individuals and businesses dealing with international transactions or receiving foreign payments.

GTBank provides online banking access through its GTWorld app, offers domiciliary debit cards for global ATM withdrawals and payments, and supports efficient foreign exchange services. Their dollar accounts are known for competitive exchange rates and reliable customer service.

What is the dollar rate for UBA?

The dollar rate at UBA fluctuates daily due to market forces, Central Bank of Nigeria (CBN) policies, and demand-supply dynamics. Typically, UBA’s buying rate (the rate at which the bank buys dollars) ranges around ₦750 to ₦765 per USD, while the selling rate (the rate at which the bank sells dollars) might range from ₦765 to ₦780 per USD.

These rates vary slightly depending on whether the transaction is done at a branch or through digital platforms. Also, transaction fees or commissions may apply, affecting the effective rate you get. For the most accurate and updated rate, it’s best to check UBA’s official website, mobile app, or contact customer support before making transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank launched by Wema Bank. It offers a 100% online banking experience, allowing users to open savings and domiciliary accounts, apply for loans, and conduct banking activities entirely via mobile apps or the web without needing physical branch visits.

ALAT supports domiciliary accounts in major foreign currencies like US Dollars and offers features such as automated savings, bill payments, and investments. The platform is user-friendly and provides a secure environment for banking, making it popular among tech-savvy Nigerians looking for convenient digital banking options.

Is the Cleva app legit in Nigeria?

The Cleva app is a legitimate Nigerian fintech platform that enables users to invest in local and international financial markets, including mutual funds, US stocks, and cryptocurrencies.

It is regulated by the Nigerian Securities and Exchange Commission (SEC), ensuring compliance with financial regulations and investor protection laws.

Cleva has gained popularity due to its easy-to-use interface, educational resources, and diversified investment options. While all investments carry risks, Cleva is generally considered trustworthy in Nigeria’s fintech space. Users should, however, always conduct their own research and invest responsibly.

How to create a foreign account?

Creating a foreign (domiciliary) account in Nigeria involves opening an account that holds foreign currencies such as US Dollars, British Pounds, or Euros. To create one:

1. Choose a Nigerian bank that offers domiciliary accounts (like Access Bank, GTBank, Zenith Bank).

2. Provide valid ID (international passport or national ID), proof of address, recent passport photos, and TIN or NIN.

3. Complete the domiciliary account application form specifying your preferred foreign currency.

4. Make the minimum opening deposit (usually $100 or equivalent).

5. Undergo KYC and AML verification procedures.

Once approved, you can hold, send, and receive foreign currency legally.

How do I check my UBA domiciliary account balance?

You can check your UBA domiciliary account balance via:

• UBA Mobile App: Log in and select your domiciliary account.

• USSD: Dial *919# and follow prompts.

• Internet Banking: Access your account online.

• Customer Service: Contact UBA or visit a branch.

These methods provide easy, secure balance checking.

What are the disadvantages of a domiciliary account?

Although domiciliary accounts offer many advantages like holding foreign currency and facilitating international transactions, there are some disadvantages to consider.

Firstly, domiciliary accounts typically come with higher maintenance fees compared to regular naira accounts. Banks may charge monthly or quarterly service fees and additional transaction charges.

Secondly, exchange rate risk is a concern. While holding foreign currency protects against naira depreciation, converting the funds back to naira can lead to losses if the exchange rate is unfavorable at the time of conversion.

Thirdly, domiciliary accounts may have limited acceptance locally, as many businesses primarily transact in naira. This limits the usability of foreign currency funds within Nigeria unless converted.

Finally, the documentation and verification process to open and maintain domiciliary accounts is more stringent due to regulatory requirements, which may be inconvenient for some customers.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account with Sterling Bank, you need to provide:

• A valid government-issued ID (international passport, national ID, or driver’s license)

• Recent passport-sized photographs

• Proof of residential address such as a utility bill or bank statement

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank typically requires a minimum initial deposit of around $100 or equivalent. The bank will carry out KYC and AML verifications before approving the account.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most Nigerian banks such as Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in multiple foreign currencies, including GBP, USD, and EUR.

Opening a pounds account is useful for individuals or businesses with transactions in the UK or countries that use GBP. The process and requirements are similar to those for opening a US Dollar domiciliary account.

What is an USD domiciliary account?

An USD domiciliary account is a foreign currency account held with Nigerian banks that allows individuals and businesses to hold, receive, and make payments in US Dollars.

Unlike a regular naira account, it enables users to protect their funds from local currency depreciation and provides convenience for international transactions.

These accounts are ideal for people receiving payments from abroad, importers, exporters, and freelancers paid in dollars. Features often include international debit cards, online banking access, and the ability to convert funds when needed. Holding dollars directly in these accounts helps maintain value amid naira volatility.

What are the benefits of opening a USD account?

Opening a USD domiciliary account has several benefits:

• Protection against naira depreciation: Funds held in USD are insulated from the local currency’s inflation and volatility.

• Convenience for international payments: Facilitates receiving and making payments in US Dollars without frequent currency conversions.

• Cost savings on forex transactions: Reduces costs and delays associated with multiple conversions between naira and foreign currency.

• Access to global markets: Easier to pay for services and goods abroad, including online subscriptions and purchases.

• Multi-currency flexibility: Some banks offer multi-currency domiciliary accounts, allowing holding of various foreign currencies.

Can Opay receive money from abroad?

Opay is primarily a domestic payment platform focusing on Nigerian Naira transactions. As of now, Opay does not support receiving or holding foreign currency payments, including US Dollars. Its services mainly cover local money transfers, bill payments, and merchant transactions within Nigeria.

To receive money from abroad, a domiciliary account in a Nigerian bank or an international remittance service like Western Union or MoneyGram is recommended.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to a Nigerian domiciliary account. These accounts are designed to hold foreign currencies such as US Dollars, British Pounds, and Euros. The sender will need your domiciliary account number, your bank’s SWIFT/BIC code, and sometimes correspondent bank details to transfer funds.

Funds sent in US Dollars will be credited directly to your domiciliary account without immediate conversion to naira, allowing you to hold and manage your funds in foreign currency until you choose to convert or spend them.

How to open a dollar domiciliary account?

To open a dollar domiciliary account in Nigeria, start by selecting a bank that offers domiciliary services such as Access Bank, GTBank, Zenith Bank, UBA, or Sterling Bank. You can apply either by visiting a branch or using the bank’s online/mobile platforms.

You will need to provide valid identification documents like an international passport, national ID card, or driver’s license. Additionally, present proof of address (a recent utility bill or bank statement), passport-sized photos, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the currency (USD). The minimum opening deposit is usually around $100 or equivalent. After verification and approval, your account will be activated, and you will receive your domiciliary account details, allowing you to receive and make transactions in dollars.

Which Nigerian bank is best for a domiciliary account?

Top Nigerian banks known for excellent domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA.

• Access Bank offers competitive forex rates and multi-currency domiciliary accounts with easy online access.

• GTBank is praised for its strong digital banking platform and forex services.

• Zenith Bank provides efficient forex transactions and domiciliary debit cards.

• UBA has a wide branch network and competitive fees, making it accessible.

Choosing the best depends on your priorities, such as fees, customer service, and app usability.

How to transfer Naira to a dollar account?

To transfer Naira to a dollar domiciliary account, you instruct your bank to convert a specified amount of Naira to US Dollars and credit your domiciliary account. This can be done at a branch or via the bank’s online or mobile banking platforms.

The bank will apply the current exchange rate and any transaction fees before crediting the converted dollars to your account. Keep in mind that exchange rates fluctuate, so the dollar amount credited can vary depending on when the transfer is done.

How do I open a UBA domiciliary account?

Opening a UBA domiciliary account is straightforward. Visit a UBA branch or use their mobile app or internet banking platform. You’ll need a valid identification document such as an international passport, national ID card, or driver’s license.

Also, provide proof of address (like a recent utility bill), recent passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the foreign currency you want (commonly US Dollars). A minimum opening deposit, typically around $100, is required. After your documents are verified and the account is approved, you will receive your account details and can start transacting in foreign currency.

Can PalmPay receive dollars?

PalmPay is a Nigerian payment platform focused mainly on transactions in Nigerian Naira. As of 2025, PalmPay does not support receiving or holding foreign currencies such as US Dollars. It is primarily used for local money transfers, bill payments, airtime purchases, and merchant payments within Nigeria.

If you need to receive money from abroad, a domiciliary account with a Nigerian bank is the recommended option. Alternatively, international remittance services like Western Union or MoneyGram can be used.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts that allow customers to hold and transact in US Dollars, as well as other major foreign currencies like British Pounds and Euros. These accounts are suitable for individuals and businesses engaged in international transactions.

GTBank provides online banking through its GTWorld app, offers domiciliary debit cards for ATM withdrawals and payments globally, and is known for competitive forex rates and good customer support in its domiciliary services.

What is the dollar rate for UBA?

The dollar exchange rate at UBA varies daily based on forex market conditions and Central Bank of Nigeria policies. Typically, UBA’s buying rate for the US Dollar ranges between ₦750 and ₦765, while the selling rate ranges between ₦765 and ₦780. These rates fluctuate due to demand and supply as well as CBN’s intervention in the forex market.

For precise and current rates, customers are encouraged to check UBA’s official website, mobile app, or contact customer service before conducting any foreign currency transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank, launched by Wema Bank, designed to provide banking services entirely through mobile and web platforms without the need for physical branches. It offers features such as savings accounts, loans, payments, and domiciliary accounts for foreign currencies like US Dollars.

ALAT allows users to open accounts online within minutes, manage funds, make transfers, and pay bills seamlessly. Its user-friendly interface and 24/7 availability make it a popular choice among Nigerians seeking convenient digital banking solutions.

Is the Cleva app legit in Nigeria?

The Cleva app is a legitimate Nigerian fintech platform that allows users to invest in both local and international financial markets, including mutual funds, US stocks, and cryptocurrencies. It is regulated by the Nigerian Securities and Exchange Commission (SEC), which ensures compliance with local financial regulations.

Cleva has gained popularity due to its user-friendly interface, educational resources, and diverse investment options. While investment carries inherent risks, Cleva is considered trustworthy and is widely used by Nigerian investors aiming to diversify their portfolios.

How to create a foreign account?

Creating a foreign or domiciliary account in Nigeria involves opening a bank account that holds foreign currencies such as US Dollars, British Pounds, or Euros. The steps include:

1. Selecting a bank that offers domiciliary accounts, such as Access Bank, GTBank, or Zenith Bank.

2. Providing valid identification documents like an international passport or national ID card.

3. Submitting proof of residential address, passport photographs, and Tax Identification Number (TIN) or National Identification Number (NIN).

4. Filling out the domiciliary account application form, specifying the currency you want.

5. Making the minimum initial deposit, usually around $100 or equivalent.

6. Completing any necessary KYC and AML verification processes.

Once approved, you can use the account to receive and send foreign currency.

How do I check my UBA domiciliary account balance?

You can check your UBA domiciliary account balance using multiple methods:

• Through the UBA Mobile Banking app, where you log in and select your domiciliary account.

• Using the *USSD code 919# from your registered phone number and following the prompts.

• Via UBA internet banking, accessible on the bank’s official website.

• By contacting UBA customer service or visiting any branch for assistance.

These options provide quick and secure ways to monitor your foreign currency balance.

What are the disadvantages of a domiciliary account?

While domiciliary accounts offer great benefits like holding foreign currency and facilitating international transactions, they come with some disadvantages. Firstly, these accounts often have higher maintenance fees compared to regular naira accounts, including monthly or quarterly service charges and transaction fees.

Secondly, exchange rate risk can be a concern. Even though funds are held in foreign currency, converting back to naira may result in losses if the exchange rate is unfavorable.

Thirdly, domiciliary accounts may have limited acceptance locally, as many Nigerian businesses transact primarily in naira, reducing the account’s practical everyday use.

Additionally, the process to open and maintain these accounts involves stricter documentation and verification due to regulatory requirements, which can be cumbersome for some users. Finally, there may be limits on foreign currency withdrawals or transfers imposed by the Central Bank of Nigeria, affecting liquidity.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account with Sterling Bank, you generally need:

• A valid government-issued ID (international passport, national ID card, or driver’s license)

• Recent passport-sized photographs

• Proof of residential address (utility bill, bank statement)

• Completed domiciliary account application form provided by Sterling Bank

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank typically requires a minimum initial deposit of about $100 or its equivalent. The bank will carry out Know Your Customer (KYC) and Anti-Money Laundering (AML) verifications before account approval.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major Nigerian banks such as Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in multiple foreign currencies including GBP, USD, and EUR.

Opening a pounds account is especially useful if you have business or financial dealings involving the UK or countries that use the British Pound. The process and requirements are generally similar to opening a USD domiciliary account.

What is an USD domiciliary account?

An USD domiciliary account is a foreign currency account held with Nigerian banks that allows individuals and businesses to hold, receive, and make payments in United States Dollars.

Unlike a regular naira account, it enables users to protect their funds from local currency depreciation and provides convenience for international transactions.

These accounts are ideal for people receiving payments from abroad, importers, exporters, and freelancers paid in dollars. Features often include international debit cards, online banking access, and the ability to convert funds when needed. Holding dollars directly in these accounts helps maintain value amid naira volatility.

What are the benefits of opening a USD account?

Opening a USD domiciliary account has several benefits:

• Protection against naira depreciation: Funds held in USD are insulated from the local currency’s inflation and volatility.

• Convenience for international payments: Facilitates receiving and making payments in US Dollars without frequent currency conversions.

• Cost savings on forex transactions: Reduces costs and delays associated with multiple conversions between naira and foreign currency.

• Access to global markets: Easier to pay for services and goods abroad, including online subscriptions and purchases.

• Multi-currency flexibility: Some banks offer multi-currency domiciliary accounts, allowing holding of various foreign currencies.

Can Opay receive money from abroad?

Opay is primarily a domestic payment platform focusing on Nigerian Naira transactions. As of now, Opay does not support receiving or holding foreign currency payments, including US Dollars. Its services mainly cover local money transfers, bill payments, and merchant transactions within Nigeria.

To receive money from abroad, a domiciliary account in a Nigerian bank or an international remittance service like Western Union or MoneyGram is recommended.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to a Nigerian domiciliary account. These accounts are designed to hold foreign currencies such as US Dollars, British Pounds, and Euros. The sender will need your domiciliary account number, your bank’s SWIFT/BIC code, and sometimes correspondent bank details to transfer funds.

Funds sent in US Dollars will be credited directly to your domiciliary account without immediate conversion to naira, allowing you to hold and manage your funds in foreign currency until you choose to convert or spend them.

How to open a dollar domiciliary account?

To open a dollar domiciliary account in Nigeria, start by selecting a bank that offers domiciliary services such as Access Bank, GTBank, Zenith Bank, UBA, or Sterling Bank. You can apply either by visiting a branch or using the bank’s online/mobile platforms.

You will need to provide valid identification documents like an international passport, national ID card, or driver’s license. Additionally, present proof of address (a recent utility bill or bank statement), passport-sized photos, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the currency (USD). The minimum opening deposit is usually around $100 or equivalent. After verification and approval, your account will be activated, and you will receive your domiciliary account details, allowing you to receive and make transactions in dollars.

Which Nigerian bank is best for a domiciliary account?

Top Nigerian banks known for excellent domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA.

• Access Bank offers competitive forex rates and multi-currency domiciliary accounts with easy online access.

• GTBank is praised for its strong digital banking platform and forex services.

• Zenith Bank provides efficient forex transactions and domiciliary debit cards.

• UBA has a wide branch network and competitive fees, making it accessible.

Choosing the best depends on your priorities, such as fees, customer service, and app usability.

How to transfer Naira to a dollar account?

To transfer Naira to a dollar domiciliary account, you instruct your bank to convert a specified amount of Naira to US Dollars and credit your domiciliary account. This can be done at a branch or via the bank’s online or mobile banking platforms.

The bank will apply the current exchange rate and any transaction fees before crediting the converted dollars to your account. Keep in mind that exchange rates fluctuate, so the dollar amount credited can vary depending on when the transfer is done.

How do I open a UBA domiciliary account?

To open a UBA domiciliary account, visit any UBA branch or use their mobile app or online banking platform. You will need to provide a valid ID such as an international passport, national ID card, or driver’s license.

Also, submit recent passport-sized photographs, proof of residential address (like a utility bill), and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the foreign currency (usually US Dollars). A minimum initial deposit of around $100 is required. Once your documents are verified and the account is approved, you will receive your account details and can start transacting in foreign currency.

Can PalmPay receive dollars?

PalmPay is a payment platform primarily designed for transactions in Nigerian Naira. As of 2025, PalmPay does not support receiving or holding foreign currencies like US Dollars. Its services mainly cater to local transfers, bill payments, and airtime purchases.

For receiving dollars from abroad, it’s best to use domiciliary accounts offered by Nigerian banks or international remittance services like Western Union and MoneyGram.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts that allow customers to hold and transact in US Dollars, as well as other major foreign currencies like British Pounds and Euros. These accounts suit individuals and businesses dealing with international transactions.

GTBank provides online banking via the GTWorld app, offers domiciliary debit cards for global ATM withdrawals and payments, and is known for competitive forex rates and good customer support.

What is the dollar rate for UBA?

The dollar exchange rate at UBA varies daily based on forex market conditions and Central Bank of Nigeria policies. Typically, UBA’s buying rate for the US Dollar ranges between ₦750 and ₦765, while the selling rate ranges between ₦765 and ₦780. These rates fluctuate due to demand and supply as well as CBN’s intervention in the forex market.

For precise and current rates, customers are encouraged to check UBA’s official website, mobile app, or contact customer service before conducting any foreign currency transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank, launched by Wema Bank, designed to provide banking services entirely through mobile and web platforms without the need for physical branches. It offers features such as savings accounts, loans, payments, and domiciliary accounts for foreign currencies like US Dollars.

ALAT allows users to open accounts online within minutes, manage funds, make transfers, and pay bills seamlessly. Its user-friendly interface and 24/7 availability make it a popular choice among Nigerians seeking convenient digital banking solutions.

Is the Cleva app legit in Nigeria?

The Cleva app is a legitimate Nigerian fintech platform that allows users to invest in both local and international financial markets, including mutual funds, US stocks, and cryptocurrencies. It is regulated by the Nigerian Securities and Exchange Commission (SEC), which ensures compliance with local financial regulations.

Cleva has gained popularity due to its user-friendly interface, educational resources, and diverse investment options. While investment carries inherent risks, Cleva is considered trustworthy and is widely used by Nigerian investors aiming to diversify their portfolios.

How to create a foreign account?

Creating a foreign or domiciliary account in Nigeria involves opening a bank account that holds foreign currencies such as US Dollars, British Pounds, or Euros. The steps include:

1. Selecting a bank that offers domiciliary accounts, such as Access Bank, GTBank, or Zenith Bank.

2. Providing valid identification documents like an international passport or national ID card.

3. Submitting proof of residential address, passport photographs, and Tax Identification Number (TIN) or National Identification Number (NIN).

4. Filling out the domiciliary account application form, specifying the currency you want.

5. Making the minimum initial deposit, usually around $100 or equivalent.

6. Completing any necessary KYC and AML verification processes.

Once approved, you can use the account to receive and send foreign currency.

How do I check my UBA domiciliary account balance?

You can check your UBA domiciliary account balance using multiple methods:

• Through the UBA Mobile Banking app, where you log in and select your domiciliary account.

• Using the *USSD code 919# from your registered phone number and following the prompts.

• Via UBA internet banking, accessible on the bank’s official website.

• By contacting UBA customer service or visiting any branch for assistance.

These options provide quick and secure ways to monitor your foreign currency balance.

What are the disadvantages of a domiciliary account?

Domiciliary accounts come with some disadvantages despite their benefits. One major downside is the higher maintenance and transaction fees compared to regular naira accounts. Banks typically charge monthly or quarterly service fees and may also impose charges on foreign exchange transactions.

Another concern is exchange rate risk. Although you hold funds in foreign currency, converting back to naira at unfavorable rates can lead to losses. Moreover, domiciliary accounts have limited local usability since most Nigerian merchants transact in naira, reducing the practical everyday use of foreign currency funds.

Additionally, the account opening and compliance process is more stringent, requiring detailed documentation and verification due to anti-money laundering regulations. Finally, there may be restrictions on foreign currency withdrawals or transfers imposed by the Central Bank of Nigeria, limiting flexibility.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account with Sterling Bank, you will need the following:

• A valid government-issued identification (international passport, national ID card, or driver’s license)

• Recent passport-sized photographs

• Proof of residential address such as a utility bill or bank statement

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank usually requires a minimum initial deposit of about $100 or its equivalent. The bank will perform Know Your Customer (KYC) and Anti-Money Laundering (AML) verifications before approving the account.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major Nigerian banks such as Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in multiple foreign currencies including GBP, USD, and EUR.

Having a pounds account is especially useful for individuals or businesses that frequently transact with the UK or countries that use the British Pound. The account opening process and requirements are generally the same as for a US Dollar domiciliary account.

What is an USD domiciliary account?

An USD domiciliary account is a specialized bank account in Nigeria that allows customers to hold and transact in United States Dollars. Unlike regular naira accounts, these accounts enable individuals and businesses to receive payments, make withdrawals, and conduct transactions in dollars, protecting their funds from local currency depreciation.

USD domiciliary accounts are particularly useful for Nigerians involved in international trade, freelancers paid in foreign currency, expatriates, and those receiving remittances from abroad. Features often include access to international debit cards, online banking, and the ability to convert currencies when necessary.

What are the benefits of opening a USD account?

Opening a USD domiciliary account offers several benefits:

• Protection from naira volatility: Holding funds in US Dollars safeguards against inflation and devaluation of the Nigerian Naira.

• Convenient international transactions: Facilitates easier receipt and payment of funds across borders without multiple conversions.

• Reduced forex transaction costs: Minimizes fees associated with currency exchanges.

• Access to foreign currency: Enables payments for subscriptions, online purchases, and travel expenses internationally.

• Multi-currency holding: Some banks offer domiciliary accounts that can hold multiple foreign currencies.

These advantages make USD accounts valuable for people regularly dealing with foreign currencies.

Can Opay receive money from abroad?

Opay is primarily a Nigerian-focused fintech platform designed for local payments and transfers using Nigerian Naira. As of now, Opay does not support receiving or holding foreign currencies like US Dollars. It mainly serves domestic transactions such as bill payments, airtime top-ups, and peer-to-peer transfers.

To receive money from abroad, Nigerians should consider domiciliary accounts at banks or use international remittance services such as Western Union, MoneyGram, or similar platforms.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to Nigerian domiciliary accounts. These accounts are designed to hold foreign currencies including US Dollars, British Pounds, and Euros. To receive dollars, the sender needs the domiciliary account number, the bank’s SWIFT/BIC code, and sometimes correspondent bank details.

Once sent, the dollars are credited to the domiciliary account without immediate conversion to naira, allowing the account holder to hold the funds in foreign currency and convert when favorable.

How to open a dollar domiciliary account?

Opening a dollar domiciliary account in Nigeria typically involves visiting a bank branch or using the bank’s digital platform if available. Popular banks offering this service include Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank.

You will need to provide valid identification such as an international passport, national ID, or driver’s license, along with proof of address (a recent utility bill or bank statement), passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Fill out the domiciliary account application form and make the minimum initial deposit, which is usually around $100 or its equivalent. After verification and approval, the account will be activated, and you will receive your domiciliary account details, enabling you to transact in US Dollars.

Which Nigerian bank is best for a domiciliary account?

Several Nigerian banks are well-regarded for their domiciliary account services. Access Bank is praised for competitive forex rates and easy multi-currency options. GTBank stands out for its strong digital banking platforms and forex services.

Zenith Bank offers efficient foreign currency transactions and international debit cards, while UBA boasts a wide branch network and competitive fees.

Your choice depends on factors such as fee structure, customer service quality, accessibility, and ease of use of digital platforms.

How to transfer Naira to a dollar account?

Transferring Naira to a dollar domiciliary account involves instructing your bank to convert a specified amount of Naira into US Dollars and credit your domiciliary account accordingly. This can be done at the bank branch or via online/mobile banking.

The bank applies the prevailing exchange rate and any transaction fees before crediting the equivalent dollar amount to your account. Note that exchange rates fluctuate, so the final dollar amount credited may vary depending on the timing of the transaction.

How do I open a UBA domiciliary account?

To open a UBA domiciliary account, visit a UBA branch or use their mobile banking app or internet banking platform. You will need a valid means of identification such as an international passport, national ID card, or driver’s license.

You must also provide recent passport-sized photographs, proof of residential address like a utility bill, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the foreign currency you want, usually US Dollars. The minimum opening deposit is typically around $100. After verification and approval, your account will be activated, and you will receive your account details for foreign currency transactions.

Can PalmPay receive dollars?

PalmPay is primarily a Nigerian-focused payment platform operating in Nigerian Naira. As of 2025, PalmPay does not support receiving or holding foreign currencies such as US Dollars. It is designed mainly for local money transfers, bill payments, airtime purchases, and merchant transactions within Nigeria.

To receive dollars from abroad, it’s advisable to use domiciliary accounts offered by Nigerian banks or international remittance services such as Western Union or MoneyGram.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts that allow customers to hold and transact in US Dollars, as well as other major foreign currencies like British Pounds and Euros. These accounts are suitable for individuals and businesses engaged in international transactions.

GTBank provides online banking via the GTWorld app, offers domiciliary debit cards for ATM withdrawals and payments globally, and is known for competitive forex rates and reliable customer service.

What is the dollar rate for UBA?

The dollar exchange rate at UBA varies daily depending on forex market dynamics and Central Bank of Nigeria (CBN) policies. Typically, UBA’s buying rate (the rate at which the bank buys US dollars) ranges between ₦750 and ₦765, while the selling rate (the rate at which the bank sells US dollars) usually falls between ₦765 and ₦780.

These rates fluctuate due to market demand, supply, and government intervention. For the most accurate and current rate, customers should check UBA’s official website, mobile app, or contact customer service before conducting any foreign currency transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank, launched by Wema Bank, providing banking services entirely through mobile and web platforms without the need to visit physical branches. It offers savings accounts, loans, bill payments, and domiciliary accounts that allow customers to hold and transact in foreign currencies like US Dollars.

ALAT allows users to open accounts online within minutes, manage funds, make transfers, and pay bills seamlessly. Its intuitive interface and 24/7 availability make it a popular choice among Nigerians looking for convenient, paperless banking.

Is the Cleva app legit in Nigeria?

The Cleva app is a legitimate Nigerian fintech platform that allows users to invest in both local and international financial markets, including mutual funds, US stocks, and cryptocurrencies. It is regulated by the Nigerian Securities and Exchange Commission (SEC), ensuring compliance with local financial regulations and investor protection laws.

Cleva is known for its user-friendly interface, diverse investment options, and educational resources, making it popular among Nigerian investors. While all investments carry risks, Cleva is generally considered trustworthy within Nigeria’s fintech ecosystem.

How to create a foreign account?

Creating a foreign or domiciliary account in Nigeria involves opening a bank account that can hold foreign currencies such as US Dollars, British Pounds, or Euros. The process typically includes:

1. Choosing a Nigerian bank that offers domiciliary accounts (like Access Bank, GTBank, Zenith Bank).

2. Providing valid identification such as an international passport or national ID card.

3. Submitting proof of residential address (utility bill or bank statement), passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

4. Filling out the domiciliary account application form specifying the preferred currency.

5. Making the minimum initial deposit, often around $100 or equivalent.

6. Completing KYC (Know Your Customer) and AML (Anti-Money Laundering) verification procedures.

Once approved, the account can be used for receiving and sending foreign currency transactions legally.

How do I check my UBA domiciliary account balance?

You can check your UBA domiciliary account balance through several convenient methods:

• UBA Mobile Banking App: Log in and select your domiciliary account to view the balance.

• USSD Code: Dial *919# from your registered phone number and follow the prompts.

• Internet Banking: Access your account online via UBA’s official website.

• Customer Service: Call UBA customer support or visit any branch for assistance.

These methods provide quick and secure ways to monitor your foreign currency account balance anytime.

What are the disadvantages of a domiciliary account?

Despite its benefits, domiciliary accounts have some drawbacks. First, they often come with higher maintenance fees and transaction charges compared to regular naira accounts. Banks typically charge monthly or quarterly fees, which can add up over time.

Second, there is exchange rate risk. Even though you hold foreign currency, converting the funds back to naira might lead to losses if the exchange rate moves unfavorably.

Third, domiciliary accounts have limited local usability since most Nigerian merchants and service providers transact mainly in naira, limiting where you can directly spend your foreign currency.

Additionally, opening a domiciliary account requires more stringent documentation and compliance due to anti-money laundering regulations, which can be cumbersome.

Lastly, the Central Bank of Nigeria sometimes imposes restrictions on foreign currency withdrawals or transfers, potentially affecting access to your funds.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account at Sterling Bank, you need:

• A valid government-issued ID (international passport, national ID, or driver’s license)

• Recent passport-sized photographs

• Proof of residential address (utility bill or bank statement)

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank usually requires a minimum opening deposit of about $100 or equivalent. The bank will perform KYC (Know Your Customer) and AML (Anti-Money Laundering) checks before approving the account.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major banks such as Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank offer domiciliary accounts in several foreign currencies, including GBP, USD, and EUR.

A pounds account is useful if you transact frequently with the UK or other countries using GBP. The requirements and process are similar to opening a US dollar domiciliary account.

What is an USD domiciliary account?

A USD domiciliary account is a bank account in Nigeria that allows you to hold and transact in United States Dollars. Unlike regular naira accounts, this type of account enables individuals and businesses to receive payments, make withdrawals, and conduct transactions in dollars. It protects your funds from naira depreciation and currency volatility.

Such accounts are useful for Nigerians who receive payments from abroad, importers, exporters, and freelancers who are paid in foreign currencies. These accounts often come with international debit cards, online banking access, and the ability to convert funds when necessary.

What are the benefits of opening a USD account?

Opening a USD domiciliary account offers several benefits:

• Protection from naira volatility: It safeguards your money from the effects of naira devaluation and inflation.

• Convenient international transactions: Makes it easier to receive and send payments in US Dollars without multiple currency conversions.

• Cost savings on forex transactions: Reduces expenses related to frequent currency exchanges.

• Access to global markets: Facilitates online payments, subscriptions, and international purchases.

• Multi-currency flexibility: Some banks offer accounts that hold multiple foreign currencies.

These advantages make USD accounts valuable for those regularly dealing with foreign currencies.

Can Opay receive money from abroad?

Opay primarily operates as a payment platform for transactions in Nigerian Naira and does not support receiving or holding foreign currencies like US Dollars. Its services focus on local money transfers, bill payments, and merchant payments within Nigeria.

To receive money from abroad, it is best to use domiciliary accounts from Nigerian banks or international remittance services like Western Union or MoneyGram.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to Nigerian domiciliary accounts. These accounts are specifically designed to hold foreign currencies such as US Dollars, British Pounds, and Euros.

To send dollars, the sender needs your domiciliary account number, your bank’s SWIFT/BIC code, and sometimes correspondent bank details. Funds sent in US Dollars are credited directly without being converted to naira, allowing you to hold and manage your funds in foreign currency.

How to open a dollar domiciliary account?

To open a dollar domiciliary account in Nigeria, visit a bank branch or use the bank’s online/mobile banking platform. Leading banks offering this service include Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank.

You will need to provide valid identification such as an international passport, national ID card, or driver’s license, along with proof of address (utility bill or bank statement), passport-sized photographs, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specifying the currency (USD). Typically, the minimum opening deposit is around $100 or equivalent. After verification and approval, your account will be activated, allowing you to transact in US Dollars.

Which Nigerian bank is best for a domiciliary account?

Several Nigerian banks are renowned for their domiciliary account services:

• Access Bank: Known for competitive forex rates and multi-currency options.

• GTBank: Praised for excellent digital banking platforms and forex services.

• Zenith Bank: Offers efficient foreign currency transactions and international debit cards.

• UBA: Has a wide branch network and competitive fees.

Your choice should consider fees, ease of account management, and customer service quality.

How to transfer Naira to a dollar account?

Transferring Naira to a dollar domiciliary account involves instructing your bank to convert a specified amount of Naira to US Dollars and credit your domiciliary account. This can be done at a branch or through online/mobile banking platforms.

The bank applies the prevailing exchange rate and transaction fees before crediting the dollar equivalent to your account. Exchange rates fluctuate, so the credited dollar amount may vary depending on timing.

How do I open a UBA domiciliary account?

To open a UBA domiciliary account, you can visit any UBA branch or use their mobile banking app or internet banking platform. You will need to provide valid identification documents such as an international passport, national ID card, or driver’s license.

Additionally, you must submit recent passport-sized photographs, proof of residential address (like a utility bill), and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form specifying the foreign currency you want, usually US Dollars. The minimum opening deposit is typically around $100. After verification and approval, your domiciliary account will be activated, allowing you to transact in foreign currency.

Can PalmPay receive dollars?

PalmPay is a Nigerian payment platform primarily designed for transactions in Nigerian Naira. As of 2025, PalmPay does not support receiving or holding foreign currencies such as US Dollars. Its services focus on local money transfers, bill payments, airtime purchases, and merchant payments within Nigeria.

For receiving dollars from abroad, it is advisable to use domiciliary accounts provided by Nigerian banks or international remittance services such as Western Union or MoneyGram.

Does GTBank have a dollar account?

Yes, GTBank offers domiciliary accounts that enable customers to hold and transact in US Dollars, as well as other major foreign currencies like British Pounds and Euros. These accounts are ideal for individuals and businesses involved in international transactions.

GTBank provides online banking through the GTWorld app, offers domiciliary debit cards for global ATM withdrawals and payments, and is known for competitive forex rates and reliable customer service.

What is the dollar rate for UBA?

The dollar exchange rate at UBA fluctuates daily based on market dynamics and Central Bank of Nigeria policies. Typically, UBA’s buying rate for the US Dollar ranges between ₦750 and ₦765, while the selling rate is usually between ₦765 and ₦780. These rates change depending on forex supply and demand, as well as CBN interventions.

To get the most current and accurate rate, customers should check UBA’s official website, mobile app, or contact customer service before carrying out any foreign currency transactions.

What is ALAT by Wema?

ALAT by Wema is Nigeria’s first fully digital bank, launched by Wema Bank, providing banking services through mobile and web platforms without requiring physical branch visits. ALAT offers a range of products including savings accounts, loans, payments, and domiciliary accounts for foreign currencies such as US Dollars.

The platform allows users to open accounts online in minutes, manage funds, make transfers, and pay bills conveniently. ALAT’s user-friendly interface and 24/7 availability make it a popular choice for Nigerians seeking seamless digital banking experiences.

Is the Cleva app legit in Nigeria?

The Cleva app is a legitimate fintech platform operating in Nigeria that allows users to invest in local and international markets, including mutual funds, US stocks, and cryptocurrencies. It is regulated by the Nigerian Securities and Exchange Commission (SEC), ensuring compliance with financial regulations.

Cleva is recognized for its user-friendly interface, diverse investment options, and educational resources, making it a popular choice among Nigerian investors looking to diversify their portfolios. While all investments carry risks, Cleva is generally considered trustworthy.

How to create a foreign account?

Creating a foreign or domiciliary account in Nigeria involves opening a bank account that can hold foreign currencies like US Dollars, British Pounds, or Euros. The process typically requires:

1. Choosing a Nigerian bank that offers domiciliary accounts (such as Access Bank, GTBank, or Zenith Bank).

2. Providing valid identification documents like an international passport or national ID card.

3. Submitting proof of residential address (utility bill or bank statement), passport photographs, and Tax Identification Number (TIN) or National Identification Number (NIN).

4. Completing the domiciliary account application form specifying the preferred currency.

5. Making the minimum initial deposit, usually around $100 or equivalent.

6. Completing KYC (Know Your Customer) and AML (Anti-Money Laundering) verification processes.

Once approved, the account allows for foreign currency transactions.

How do I check my UBA domiciliary account balance?

You can check your UBA domiciliary account balance through several methods:

• Using the UBA Mobile Banking App by logging in and selecting your domiciliary account.

• Dialing the *USSD code 919# from your registered phone and following prompts.

• Accessing UBA internet banking on their official website.

• Contacting UBA customer service or visiting a branch.

These options provide quick and secure access to your foreign currency balance.

What are the disadvantages of a domiciliary account?

Domiciliary accounts, while beneficial, come with some disadvantages. One key downside is the higher maintenance fees and transaction charges compared to regular naira accounts, which can add up over time.

There is also exchange rate risk. Although you hold foreign currency, converting back to naira may lead to losses if the exchange rate is unfavorable at the time of conversion.

Another limitation is the limited local acceptance of foreign currencies. Since most Nigerian merchants transact in naira, using funds directly from a domiciliary account can be inconvenient.

Additionally, opening and maintaining a domiciliary account involves stricter documentation and compliance requirements, which might be cumbersome for some customers.

Finally, regulatory restrictions on foreign currency withdrawals and transfers imposed by the Central Bank of Nigeria can limit access and liquidity.

What are the requirements for a domiciliary account at Sterling Bank?

To open a domiciliary account with Sterling Bank, you typically need:

• A valid government-issued ID such as an international passport, national ID card, or driver’s license

• Recent passport-sized photographs

• Proof of residential address (utility bill or bank statement)

• Completed domiciliary account application form

• Tax Identification Number (TIN) or National Identification Number (NIN)

Sterling Bank usually requires a minimum initial deposit of around $100 or its equivalent. The bank will conduct KYC (Know Your Customer) and AML (Anti-Money Laundering) checks before approving the account.

Can I open a pounds account in Nigeria?

Yes, you can open a Pounds Sterling (GBP) domiciliary account in Nigeria. Most major banks, including Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank, offer domiciliary accounts in several foreign currencies, including GBP, USD, and EUR.

Opening a pounds account is useful if you frequently transact with the UK or other countries that use the British Pound. The account opening process and requirements are similar to those for a US dollar domiciliary account.

What is an USD domiciliary account?

A USD domiciliary account is a bank account in Nigeria that allows customers to hold and transact in United States Dollars. Unlike a regular naira account, it enables individuals and businesses to receive payments, make withdrawals, and conduct transactions directly in US dollars. This helps protect funds from the volatility and depreciation of the Nigerian naira.

These accounts are ideal for people receiving foreign payments, importers, exporters, and freelancers paid in foreign currencies. They often come with benefits such as international debit cards, online banking, and multi-currency options.

What are the benefits of opening a USD account?

Opening a USD domiciliary account offers many advantages:

• Protection against naira depreciation: Holding funds in USD helps safeguard against inflation and currency devaluation.

• Easier international transactions: Enables receiving and making payments in dollars without repeated currency conversions.

• Lower forex transaction costs: Reduces fees related to foreign currency exchange.

• Access to global markets: Facilitates payment for online subscriptions, e-commerce, and travel expenses.

• Multi-currency flexibility: Some banks allow holding multiple foreign currencies in one account.

These benefits make USD domiciliary accounts valuable for those with regular foreign currency dealings.

Can Opay receive money from abroad?

Opay primarily serves Nigerian Naira transactions and does not support receiving or holding foreign currencies such as US Dollars. Its services focus on local transfers, bill payments, airtime purchases, and merchant payments within Nigeria.

To receive money from abroad, users should utilize domiciliary accounts at Nigerian banks or international remittance platforms like Western Union or MoneyGram.

Can dollars be sent to a Nigerian domiciliary account?

Yes, dollars can be sent directly to domiciliary accounts in Nigeria. These accounts are designed to hold foreign currencies such as US Dollars, British Pounds, and Euros.

To send dollars, the sender requires the domiciliary account number, the bank’s SWIFT/BIC code, and sometimes correspondent bank details. The dollars credited remain in foreign currency until you decide to convert or withdraw them.

How to open a dollar domiciliary account?

To open a dollar domiciliary account in Nigeria, visit a bank branch or use their online/mobile banking platforms. Banks like Access Bank, GTBank, Zenith Bank, UBA, and Sterling Bank provide this service.

You will need valid identification such as an international passport, national ID card, or driver’s license, plus proof of address (utility bill or bank statement), passport-sized photos, and your Tax Identification Number (TIN) or National Identification Number (NIN).

Complete the domiciliary account application form, specify the currency (usually USD), and make the minimum initial deposit (often about $100). After verification, your account will be activated, enabling you to transact in dollars.

Which Nigerian bank is best for a domiciliary account?

Top Nigerian banks known for domiciliary accounts include Access Bank, GTBank, Zenith Bank, and UBA.

• Access Bank offers competitive forex rates and multi-currency accounts.

• GTBank is known for its excellent digital banking platform and forex services.

• Zenith Bank provides efficient forex transactions and international debit cards.

• UBA offers a broad branch network and competitive fees.

Choose based on fees, ease of access, customer service, and digital banking experience.

How to transfer Naira to a dollar account?

To transfer Naira to a dollar domiciliary account, instruct your bank to convert the specified Naira amount to dollars and credit your domiciliary account. This can be done at the bank branch or via online/mobile banking.

The bank applies the prevailing exchange rate and any applicable fees before crediting the dollar equivalent to your account. Since exchange rates fluctuate, the credited dollar amount may vary depending on the timing of the transaction.