₦airaland Forum

PENNYSWAP:
Rubbish Rubbish Rubbish

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

But you will open. With 200 $

Like seriously, you mean 4%

MPESA:
Like seriously, you mean 4%

Do your research and call me fool is the info ain’t correct

Tos87:
Every Nigerian should have a Dom-account. As Naira is depreciating now.

If everyone does.... Naira will extinct

Store my money usdt

PENNYSWAP:
Do your research and call me fool is the info ain’t correct

Chai see me go dey dash stupid Access bank my money.... Thanks so much for this information.

Our main problem is too much imports, very few exports.

PENNYSWAP:
Rubbish Rubbish Rubbish

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

But you will open. With 200 $

They are opening with just $100 now.

You talked of the benefits and disadvantages of having a domiciliary account. Well, there are no disadvantages. Your money will always be safe and it doesn't depreciates. I am talking as a layman anyway.

Botking:
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

Yes, I am a bit of an old school.

But these crypto’s are quite unstable? A tweet from Tesla dude could make a crypto shed a few grands. Not stable at all

Archilouis:
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

What will be used as yardstick to decide quality comment from non quality comment?

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 consume 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. Read 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

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

Alat by wema account is free, Zenith bank account is free. Why pay $10 for fcmb

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 consume 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. Read 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

Requirements for Opening FCMB Domicilary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domicilary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

Hmm, na only you waka come?

Springboot:
Alat by wema account is free, Zenith bank account is free. Why pay $10 for fcmb

Those are Naira accounts, we are talking about Domiciliary savings account.

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

assume binance itself got hacked (anything can happen;hackers dey advance daily), what happen to your assets ?

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"

Although, I made enquiries cause I had some money stuck with UBA at the time, but some things turned me off the plan to get the account - I can't remember exactly.
For some time now, some people have been ringing it in my head to open a Domiciliary Account. The most recent one was this evening.

I would rather hear from a subscriber than a customer service agent at the bank. I don't want to have regrets later, that's why I brought it here...
We all know that our Naira is really losing its value to the Dollar. People are concerned about hoarding dollars till the day it hits N1,000 LOL!

I know that a Domiciliary Account is perfect for receiving dollars from abroad, but I don't know some other things.

I would like to know the benefits and disadvantages of running a Domiciliary Account.
What Nigerian bank is best to open this account with?
What terms and conditions concerns me before, and when running this account?
Is a Domiciliary Account best understood as a savings account in foreign currency or a fixed deposit?

Please, don't derail the thread
Thanks for contributing, and enjoy the rest of your day!

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

UBA & ZENITH Bank are your best bets. As for ACCESS BANK, Na Very USELESS Bank dem be. I fill form taya sote my biro ink finish. Even had to go to their office time and time again, na so their manager begin ask me weda i be Yahoo Boy, imagine the rubbish. I switched to UBA and got my account opened in minutes. I suggest you do same or try ZENITH.

If you're ready to get started with Email Marketing As A beginner check out this Email Marketing For Beginners Series on Youtube

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.

Can't I just buy dollars Cash and keep at home
I know it's against the law (technically),but to avoid the long story or Stress of Opening Dorm account, I can buy a few hundreds, keep and sell when dollars is high, Abi?

tunde4top:
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 lease 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.

Best wallet for USDT

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

You sure, is it not volatile like other coins too?
Recommend the best wallet to store it in

I wanted to open one when one keystone bank marketer came to our shop. But she said I must have $100 dollar oh.

FreeStuffsNG:
No. Not necessary if you don't have need for it. It comes with its own costs too like paying for the debit card. So why open it if you don't need it.

It is not a must for you to request for the card.

The discussion is both enlightening and saddening. We are suppose to be brainstorming on how to attract more forex into the system and help crash the high demand to supply ratio but instead we are doing what can trigger deadly cycle of forex scarcity and naira weakness. I cannot blame the youth much, the lanky demon vessel once said if we have another country we can go. Add to that the harsh business climate and deadliness of crop farming under the lanky demon vessel.

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 bought cash or Inflow?

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

why not counter him with your opinion and let's compare

Goalnaldo:
I wanted to open one when one keystone bank marketer came to our shop. But she said I must have $100 dollar oh.

some seven years ago I was asked to come up with 500 dollars to open one in first bank. I was financially naive then. Buhari has opened eyes to the previously unimaginable depts of sufferings.

Ali Modu sheriff speaks on igbo presidency


https://www.youtube.com/watch?v=Sb8mVMT1dyQ

Dollar Master Card Is The Best

Standing5:
The discussion is both enlightening and saddening. We are suppose to be brainstorming on how to attract more forex into the system and help crash the high demand to supply ratio but instead we are doing what can trigger deadly cycle of forex scarcity and naira weakness. I cannot blame the youth much, the lanky demon vessel once said if we have another country we can go. Add to that the harsh business climate and deadliness of crop farming under the lanky demon vessel.

Lol, @bolded, did he actually say that?

BadNews:
Dollar Master Card Is The Best

Which one you dey Use

UncleSnr:
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.

assume binance got hacked. What happen to our assets ?

Truth234:
Those are Naira accounts, we are talking about Domiciliary savings account.

I. Referring to domicilary acount not naira.

pek:
You talked of the benefits and disadvantages of having a domiciliary account. Well, there are no disadvantages. Your money will always be safe and it doesn't depreciates. I am talking as a layman anyway.

assume CBN roll out one unfavourable policy for dom acct thereby defeating ur tenet of opening such

GreaterFuture:
Which one you dey Use

GTBANK IS THE BEST FOR DOLLAR ACCOUNT