Learning how to save naira in dollars in Nigeria might be the only way for Nigerians to stay relevant in the global economy.
It’s no secret that the naira is getting lower in value by the day when compared to the dollar. Many Nigerians have begun to save their money in dollars with Nigerian banks. And this might be a very wise thing to do.
Can I deposit dollars in Nigerian Banks?
This has been possible for many years. Nigerian banks receive deposits in foreign currency. Currently, it is speculated in certain quarters that Nigerians currently have 16 billion dollars in domiciliary accounts.
Can I use my savings account to save naira in dollars?
The straight answer is no. There’s a special account type for depositing foreign currency. It is called a domiciliary account or a dom account.
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Consequently, to save in dollars in Nigeria, one has to open a dom account with any of the commercial banks in the country. The requirements include; a minimum deposit of $100, a valid ID, utility bill and in some cases a referrer.
Why should I own a dom account?
Let me first state here that this is not financial advice. But if you want to scale to the international economy a dom account is not optional, especially for import businesses.
Here’s why you should have a dom account;
- You can receive money into the account from anywhere in the world.
- You can make international purchases without cracking your brains for exchange rates
- Your money appreciates with the dollar. This means no matter how low the naira becomes your money is safe and would most likely yield profits.
Conclusively, in such trying times for the Nigerian naira as we are in currently, it would be wise to leave your money in a stable currency and saving in dollars offers that.
Do you have a dom account or do you think you need one? Drop your comments and opinions.
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