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What is a Domiciliary account?

A domiciliary account (also known as a “Dom Account”) is a type of current account in Nigeria that allows you to make and receive payments in foreign currency.

You can use a domiciliary account to transfer money from Nigeria to another country, or receive foreign currency into Nigeria from another country. Domiciliary accounts accept foreign currencies such as euros, dollars and pounds. If you have a dollar account for example, money should be sent to your account in dollars. You can withdraw foreign currency from your domiciliary bank account and exchange it into your local currency.

How to set up a Domiciliary account in Nigeria: