₦airaland Forum

BadNews:
GTBANK IS THE BEST FOR DOLLAR ACCOUNT

FabulousAutos:
I tried opening dorm account with GTB but they asked for two guarantors who has current account despite the fact that I already have salary account (savings) with them. Is there any bank that where I can open domiciliary account without going to search/beg for such current account holders to be my guarantors?

folake4u:
Please can you expatiate more on the GTbank Dom account? Thank you.

pocohantas:
Expatiate what? Lol

Dom acct is akin to a current account. Only difference is that its transactions are in foreign currencies. If you have a current acct already, they can just use it to open a Dom acct in minutes. If you don’t, then you have to get 2 referees (current acct holders in same bank or other banks) in addition to your acct opening requirements. You would also need $100 as what do they call it again? Anyway, the account would definitely be opened first.

GreaterFuture:
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?

folake4u:
Thank youuuuuuuuuu.
But if someone wants to open the Dom account, the two referees must also have a Dom account also?

pocohantas:
No, but they must have a normal current account. A Dom account is a current account that runs in foreign currency. It is just nomenclature.

pocohantas:
Expatiate what? Lol

Dom acct is akin to a current account. Only difference is that its transactions are in foreign currencies. If you have a current acct already, they can just use it to open a Dom acct in minutes. If you don’t, then you have to get 2 referees (current acct holders in same bank or other banks) in addition to your acct opening requirements. You would also need $100 as what do they call it again? Anyway, the account would definitely be opened first.

BadNews:
GTBANK IS THE BEST FOR DOLLAR ACCOUNT

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 Domiciliary 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 Domiciliary 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 Domiciliary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

LisaAnneMia:
Hello, thanks for this info but I have 2 questions:
1. The 3-time withdrawals you mentioned, are they personal withdrawals or withdrawals that were made through online transactions? If the withdrawals are from online transactions, it means I can only buy things 3 times online per month?
2. And for the recent bank statement, I currently do not have an account with FCMB. Can the bank statement be from another bank?

Truth234:
This is a Domiciliary Savings Account, note the savings. So withdrawing will limit some benefits. However, they have the regular domiciliary account, contact the bank for more details. No need for bank statement and note that you can withdraw as much as your want, just that you will lose your ability to earn interest on your dollar savings for that month if withdrawa is more than three times.

You can look into Zenith Bank, I heard (from Nairaland, therefore, not verified) its free to open Domiciliary.

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 Domiciliary 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 Domiciliary 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 Domiciliary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.


How do I qualify to get a loan?

inoki247:
open it and start saving in foreign currency cause saving in Naira is so useless...
Getting Dollar is difficult in Nigeria talk more of saving it. Except you have siblings that are over sea that will send it to you and buying crypto with naira is like buying dollar in black market

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...

prezee1:
All is well

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

FabulousAutos:
I tried opening dorm account with GTB but they asked for two guarantors who has current account despite the fact that I already have salary account (savings) with them. Is there any bank that where I can open domiciliary account without going to search/beg for such current account holders to be my guarantors?

kelvinovie25:
Waste of time, get binance buy your usdt/busd or any currency you which send to your private wallet and watch wailers wail

olyrayy:
Is it against the law to hold dollars in cash? Didn't know about that. You could do as you stated sha.

zizzley:
Mind If I ask, How'd I liquidate funds in crypto quick?

PerfectlyPerfect:
Simply use P2P. You'll send the crypto to them and they'll send you the naira equivalent to your bank account.

zizzley:
Can you do p2p with level 1 verification? Had issues with intermediary. And what's the rate?

parkervero:
How do you even deposit naira on binance since CBN has restricted banks on crypto ?

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

tunde4top:
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.

PerfectlyPerfect:
Yes you can. The rate depends on the forex rate at that time. I would advise you convert your assets to USDT so you'll know the exact amout to expect. The rate depends on the rate set by the seller. You can select a seller with lower rates

zizzley:
Okay thanks very much

Truth234:
Yes, try FCMB, Zenith, Fidelity etc

Truth234:
Any more question? Ask me.