How to Open a Domiciliary (Dollar) Account in Nigeria (2026)

With the naira's volatility, more Nigerians want to hold value in dollars — and a domiciliary account is the legal, mainstream way to do it. It's simply a bank account that holds foreign currency (USD, GBP or EUR) instead of naira. Here's how to open one and what to watch.

What you'll need

Requirements are broadly standard across the big banks:

Your BVN.
Valid ID — international passport, national ID, driver's licence or voter's card.
Proof of address — a utility bill no older than 3 months (or a bank statement).
Passport photographs (usually two recent).
An initial deposit in foreign currency — commonly around $100 (some banks less, e.g. UBA has offered $50/€50/£50).
Often two referees who hold established accounts at the same bank.

(Confirm the exact requirements and opening balance with your chosen bank — they differ and change.)

The steps

Choose a bank (GTBank, Access and UBA all support digital opening; most banks offer it in-branch and increasingly in-app).
Request the domiciliary account opening form.
Submit your ID, proof of address and photos; complete referee details.
Fund the initial deposit in your chosen currency.
With documents ready, opening can take under 30 minutes.

Access, for example, has offered USD/GBP/EUR/JPY domiciliary accounts with Visa/ Mastercard debit cards — features vary by bank, so compare.

Funding it — and a 2026 rule to know

You can fund a dom account by:

Cash deposit (foreign currency),
International wire transfer from an overseas bank,
Transfers from platforms like Payoneer or Wise.

Important 2026 change: a CBN directive requires IMTOs to settle remittances in naira — so money sent through a transfer operator now typically pays out in naira, not dollars, at the point of entry. Direct cash deposits and wire transfers remain valid ways to fund a dom account in foreign currency. Verify the current position on cbn.gov.ng, as FX rules move quickly.

Is a dom account right for you?

Good for: receiving foreign income/wire transfers, saving in hard currency, paying for things priced in dollars.
Mind the costs: card/maintenance fees, and the spread whenever you convert between naira and foreign currency — compare before you commit.

Frequently asked questions

Is holding a dollar account in Nigeria legal? Yes — domiciliary accounts are a standard, legal banking product.

Can I still receive dollars from abroad into it? Direct wires and cash deposits, yes. Money sent via a transfer operator now generally lands as naira under the 2026 IMTO rule — check how your sender is transmitting. See how to receive money from abroad.

Which bank is best? Compare opening balance, fees, card options and app quality — see our bank accounts guide.

Educational information, not financial advice. FX and remittance rules change — verify current requirements and CBN directives before acting.