Domiciliary accounts, explained.
Last reviewed: October 2026.
What it is
A domiciliary account holds foreign currency (dollars, pounds, euros) inside a Nigerian bank. You can receive FX into it, keep it in FX, and spend or transfer it without converting to naira first.
What you can do with it
Receive salaries, freelance payments, and family transfers in FX. Send telegraphic transfers of up to $10,000 per day. Fund a foreign-currency card for travel and online spending.
What changed in June 2026
Under the 4th edition of the CBN FX Manual, domiciliary access is unrestricted and Form A is no longer required for domiciliary remittances.
Opening one
Any Nigerian bank opens dom accounts: valid ID, passport photographs, utility bill, and references, much like a naira account. Some banks ask for an initial FX deposit.
The catches
Banks charge maintenance and transfer fees in FX, so small balances bleed. Cash withdrawals of FX can attract handling charges. And crypto is not a recognised channel for official FX transactions such as tuition.
Questions, answered
Can I open a domiciliary account without travelling?
Yes. It is a regular bank product for residents; no travel history is required.
Can I convert naira to dollars inside my dom account?
Only through the bank's approved FX windows (PTA, BTA, school fees and the like). You cannot freely swap naira for dollars at will.
Is my dollar safe in a dom account?
It is a bank deposit like any other, subject to the bank's terms and NDIC coverage limits in naira terms. Spread large balances if that worries you.
For information only, not financial advice. FX rules change often; confirm current requirements with your bank or a licensed BDC before acting.