Ask the customer service officer - maybe they can enlighten you

I want to know too

Dollar reaching 1000/$ is really shameful and that's not even a problem to the government. Sad times indeed.

Still waiting for those with information or ideas to enlighten US

You need:

1. An ID document.

2. Referees from two people with a non-salary current account.

3. Some banks require you to have an initial deposit. I've used GTB and they don't require a pre-existing deposit.

4. Miscellanous.

You should get a domiciliary account to protect yourself from naija inflation. If you have a substantial amount, switch from a dom account to a stablecoin.

Emefiele is a mad man. He can seize all the funds from domiciliary accounts if he runs out of ideas.

Good but not the best when you actually want to take the best advantage out of the constant inflation of Naira against the dollar

The same government through their banks will still determine the conversion rate of the saved dollar back to Naira which definitely will be lesser than the black market price.

The banks are wise. They buy dollar from you at Inter-bank rate and sell dollar for you at black market rate.

You will also be regulated on your own money. How much you can spend per time, etc. With the constant change in rules by the CBN, you can wake up tomorrow and hear that all your dollars has been automatically converted to Naira by the new CBN rule at 400 dollar.

The least you can do to best take advantage of the constant devaluation of Naira is to open a Stable coin wallet like USDT and save digital dollars there.

CBN’s recognized store of foreign currencies to aid transactions. Not deemed as an investment option.

Good u open it

Cos of the incessant fall of Naira, the value of your money depreciates when you have it saved in naira, it doesn't when saved in dollar.

Set

OGA leave this old way of thinking, the financial world has innovate past centralized system of banking,

Buy USDT, USDC or BUSD and hodl against the naira, simple

I wish someone with useful answers to the ops questions willl help us here....

I just opened one with Fidelity Bank... going to collect my card and details tomorrow.

Requirements:
2 references
Any valid form of identification... NIN preferably.
Passport photograph
Proof of address (Nepa Bill, waste management, etc)
And your $100

I went with Uncle Fide for some reasons and they seem to be very flexible too...
Naira is becoming a Joke. I'd stop charging clients in Naira anyways...
Imagine collecting naira and you want to pay for any cloud service, na there better premium tears go dey flow...

Modified:
I practically used Barter to pay for most of my cloud based infrastructures until recently... just imagine, they provided me with a dollar $ account, I tried it... received just $100 in it... the next thing these people seized the money, prevented me from withdrawals and asked me to submit a picture of me holding my ID and told me to tell the client to snap the card they used in making the payment. Lol... I burst ... so furious I replied them with an answer they never expected and before you know it, they apologised and asked me to send whatsapp chat proof of the transaction and what it was meant for. Sigh... after doing their stupid KYC compliance last year.
These people are so clueless... Long story short, Las Las when they opened it after like 6days, they gave me #41,000 for $100 but would charge you #57,000 to load dollars... you see the scam.
I rush go open domiciliary account. So in retrospect, you need a dom account to have peace on mind first with USD transactions in 9ja.

SamuelLoch:
Hello, people! I hope you had an amazing day

I would make this short, and precise.
Sometime last year, a friend visited me briefly. Before he left he advised me to open a Domiciliary Account and I just said "OK"

This is highly beneficial for me and many other people out there.

Why should you own a domiciliary account?
1. Do you buy things online?
With your Naira debit card, your maximum limit is $100 per month, however with your domiciliary account, there is no limit of how much you can spend.
2. With the depreciating Naira, your savings should be in dollars and not the Naira. With the way these politicians and APC is managing our economy, the Naira is going to fall to N700 to a dollar before it slows down
3. Do you intend to make money online? Your domiciliary account is your best bet to receive such funds.

inoki247:
open it and start saving in foreign currency cause saving in Naira is so useless...


if you keep 100k in Naira in your account for just 30days if u take it to market to buy the same thing u priced the day u save the money u will discover say he don add extra 10k I don't know if Nigeria inflation na per seconds...


At least if you can't take any Cryptoo Risk I believe putting ur savings in Dorm account is ok cause iz risk free...

Na wetin I do be that! Access bank are doing me well.

yunqdady:
Why do seun and other moderators allow people hoard and keep space on front page? Only to end up talking rubbish or advertise

Moderators don’t seem to get that the quality of a discuss should start from the front page. That said, they should delete all non-related post on the front page of any topic….distractions can be tolerated in subsequent pages

Winters23:
@samuelLoch if this advice you seek is from 10yrs ago I would have said open the dam account and change some naira to dollar.

But this is 2021 and the world have moved on from this kind of thinking except you plan to receive foreign currency on a regular basis through the account.

However, if you have some naira you want to secure from inflation I will advise you download trust wallet or metamask and get yourself a stable coin.

Nobody can access or close down your account like cb forking n just did to abokifx as long as you secure your keys.

The OP would be a fool if he should take this your baseless advice

olyrayy:
You need:

1. An ID document.

2. Referees from two people with a non-salary current account.

3. Some banks require you to have an initial deposit. I've used GTB and they don't require a pre-existing deposit.

4. Miscellanous.

You should get a domiciliary account to protect yourself from naija inflation. If you have a substantial amount, switch from a dom account to a stablecoin.

Emefiele is a mad man. He can seize all the funds from domiciliary accounts if he runs out of ideas.

Our CBN governor a mad-man. But he do act on instructions from oga at the top na!

Benefits: I bought $20,000usd in July 2021 @496. But today 16 Sep 2021 rate is 570.

20,000*570=11,400,000
20,000*496= 9,920,000
Different= 1,480,000 within 2month

Hmmm...

Domiciliary bank account is good. But in all thy domiciliation, make sure you don't house all your money in Naira. For me, I prefer leaving some immediate cash I am gonna need in the interim in Naira and leaving the bigger ones for he future in dollar and Bitcoins etc. Too bad the stability of Bitcoins are not cast in stone either..

In other news, this is the best time for any well doing person living abroad to help their Nigerian relatives by sending them dollars especially USD and other hard currencies (God bless my family ). Sending things from abroad to sell here now is goldmine, so far you have the people who can afford your price here!

Naira is going the way of Zimbabwean currency! Only God knows what lies ahead before 2023. Make contingency plans to evacuate when shit hits the ceiling!!

Xeedorf:
Benefits: I bought $20,000usd in July 2021 @496. But today 16 Sep 2021 rate is 570.

20,000*496=11,400,000
20,000*570= 9,920,000
Gain=1,480,000 within 2month

You have not really gained (because price of the things you would have bought with Naira has also gone up) BUT you have saved your money from depreciation.

MajorOvakporaye:


The OP would be a fool if he should take this your baseless advice

Like I said it's just an advice and not a financial advise.

Wether you like it or not everyone will transact in crypto one way or the other, and you can never be able to live in denial for long because even cbn is launching e-naira next month.

So continue living in 1999 and watch evolution pass you by.

Botking:
OGA leave this old way of thinking, the financial world has innovate past centralized system of banking,

Buy USDT, USDC or BUSD and hodl against the naira, simple

Good day.

Can you elaborate on these options: USDT, USDC and BUSD?

How does it work?

Are these option better than having a dormicilliary account?

Xeedorf:
Benefits: I bought $20,000usd in July 2021 @496. But today 16 Sep 2021 rate is 570.

20,000*496=11,400,000
20,000*570= 9,920,000
Gain=1,480,000 within 2month

Wow! That's a lot of gain.

yunqdady:
Why do seun and other moderators allow people hoard and keep space on front page? Only to end up talking rubbish or advertise

You no sabi road go DSS office?

owagbeba:


Good day.

Can you elaborate on these options: USDT, USDC and BUSD?

How does it work?

Are these option better than having a dormicilliary account?

Bro this are cryptocurrency,
Oh I see, it seems you're new to this kind of stuff,

You can do your research and understand about it. Good luck

PerfectlyPerfect:

It'll be more beneficial to you to open a binance account and save your funds in USDT than putting it into any Nigerian bank

This is the best advice. Take it and enjoy. Leave Nigerian banks alone.

Convert your Naira to USDT or any other stable coin.
Join Binance and use their P2P platform in purchasing a stable coin.
You can earn interest from their savings platform too.
Thank me later.

Truth234:
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consumer due to our weak manufacturing sector. This also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. This I explained in one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domicilary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Any more question? Ask me.

Rubbish Rubbish Rubbish

Fidelity bank pays 4% to the dom account holder every month

But you will open. With 200 $