No matter how precious Dollar ($) or other foreign currencies may be, the truth is that they don’t have any value in Nigeria until they are changed/converted to Nigerian Naira (N). What this means is that you cannot use dollar note or any foreign currency to buy anything in the market in Nigeria; you cannot just work into the market and after buying some items, you just bring out dollar to pay for it. Of course they won’t accept that. Some illiterate traders may even want to beat you up, thinking you came to defraud them. It’s only a few ones that have experience of Foreign Exchange (FOREX) that may consider to collect the dollar from you, if it worth what you bought.
I could remember one terrible occasion where all my naira accounts were empty, I didn’t have any money in my Naira accounts. I only had money in my dollar account. I seriously needed money urgently to sort some needs, but I was frustrated because I had only dollar in my Domiciliary (Dollar) account, and there is no way I could use it physically here in Nigeria. I started wondering if there was anyway on how to transfer money from domiciliary account to Naira account so that I can withdraw the money in Naira from the ATM immediately. But it was unfortunate that I didn’t find any quick way to do this, I had no option than to start calling some of my friends to send my money (in Naira) to sort my urgent needs, and then pay them back when I change my dollar to Naira.
This is a very frustrating situation. You can understand now that your dollar or any foreign currency is almost valueless in Nigeria until you change it to Naira. So how then can you transfer money from domiciliary account to Naira account? Is it even possible? Let’s find out in this article.
Can You Transfer From Domiciliary Account To Naira Account?
The truth is that there is no straightforward way on how to transfer money from Domiciliary
account to Naira account. There is no bank in Nigeria that can allow you to transfer money from Domiciliary account directly to Naira account. You can rather transfer money from domiciliary account to another domiciliary account, whether between the same bank or different banks.
However, we have come up with some strategies through which you can transfer money from your domiciliary account to Naira account, and none of these strategies is straight forward, they all involve a rigorous process which may take you some time. We shall be discussing the strategies one after the other.
How To Transfer Money From Domiciliary Aaccount To Naira Account
Remember as I have said earlier, there is no Bank in Nigeria that allows you to transfer money from Domiciliary account directly to Naira account. But we have come up with some alternative ways to do this indirectly. There are different ways through which you can achieve this indirectly, we shall be discussing them right away!
1. Through A Bureau De Change (BDC) Agent
The most common and easiest way to transfer money from domiciliary account to Naira account is through the BDC agents. The BDC agents are those authorized (Aboki) people that change foreign currencies.
All you have to do is to meet any reliable BDC agent in your area, explain to him that you have some money in your domiciliary account, and you need some Naira. Tell him that you would love to transfer to his domiciliary account, so he can now transfer the Naira equivalent to your Naira account.
Remember as I told you, it is possible to transfer money from one domiciliary account to another, whether it’s the same Bank or different banks. And these BDC agents always have both Domiciliary and Naira accounts. So you just have to transfer the money from your domiciliary account to their own domiciliary account. Then they can now transfer Naira from their Naira account to your own naira account.
Alternatively, you can simply walk in to your bank, withdraw the foreign currency in your domiciliary account, and then take the cash to the BDC agents where you can now change it to Naira. Once they change it to Naira, you can then deposit it directly to your Naira account. You may even ask them to transfer the Naira to your Naira account, or you simply take the Naira cash to your bank and deposit it in your Naira account.
Note that a domiciliary account can work for only one type of foreign currency. This means that a dollar ($) account can be used to send and receive only Dollar, and cannot be used to send or receive any other type of foreign currency. The same thing with an Euro (€) account, and likewise other foreign currencies.
So if your domiciliary account is a Dollar account, you should look for a BDC agent that has a dollar account. If your domiciliary account is an Euro account, you should look for a BDC that has an Euro account.
But How Do I Find A Bureau De Change In My Area?
In fact, every state in Nigeria has at least one or more Bureau De Change offices. To locate the nearest BDC near you, all you have to do is to pick up your phone and search on Google: “Burea De Change Near Me”. Google is going to use your location to show you a list of all the authorized BDC offices closest to you.
2. Through Your Friend
Another way on how to transfer money from domiciliary account to Naira account, is through any of your friends that has both domiciliary and Naira accounts.
You just have to meet the friend and explain to him that you need urgent money in Naira, that you want to transfer foreign currency to his domiciliary account, so he can send the equivalent Naira to your Naira account.
Note that a domiciliary account can work for only one type of foreign currency. This means that a dollar ($) account can be used to send and receive only dollar, and cannot be used to send or receive any other type of foreign currency. The same thing with a Euro (€) account, and likewise other foreign currencies.
So if your domiciliary account is a dollar account, you should look for a friend that has a dollar account. If your domiciliary account is Euro account, you should look for a friend that has a Euro account.
We shall be updating this article with more ways on how to transfer money from Domiciliary account to Naira account. Keep checking back.
Also, if you have a different way you’ve found out, do let us know so we can add it here.👍
Can I Withdraw Naira From My Domiciliary Account?
No! It it not possible to withdraw Naira from your domiciliary account. You can withdraw only the type of currency relevant to your domiciliary account. This means that if your domiciliary account is a dollar account, you can withdraw only dollar in that domiciliary account. If your domiciliary account is an Euro account, you can withdraw only Euro from that domiciliary account. And likewise other type of domiciliary accounts.
However, you can still convert your foreign currencies to Naira through different methods. Either through Burea De Change, or any other method more convenient to you.
Can I Receive Dollar In My Naira Account?
No! It is not possible to receive dollar directly to a Naira account. You can only use a dollar account to receive dollar.
Can I Withdraw Cash From My Domiciliary Account?
Yes, you can withdraw cash from a domiciliary account. But note that there is no ATM in Nigeria that dispenses foreign currencies. You just have to walk in to your bank and withdraw your foreign currency at the counter.
