It doesn’t matter how valuable the United States dollar or other foreign currencies may be; they are worthless in Nigeria until they are exchanged for the local currency, the Nigerian Naira (₦).
To put this another way, you won’t be able to walk into a market in Nigeria, pick up a few things, and then walk back out with some dollars to pay for them if you try to buy something with a dollar bill or any other form of foreign cash because this rule prohibits it. That is something that they will never agree to tolerate. If some uneducated traders believe that you have come to scam them, they may even try to physically assault you. Only those individuals with previous experience with foreign exchange (FOREX) should consider collecting the dollar from you, even if it is worth more than what you purchased.
I can vividly recall a horrific situation in which all of my Naira accounts were devoid of funds, and I did not possess any money in any of my Naira accounts. My sole financial resource was a dollar account. I desperately needed money to take care of some pressing matters. Still, the only currency I had in my domiciliary (dollar) account was a few dollars, which I could not utilize in any manner, shape, or form. At the same time, I was physically present in Nigeria. I wondered if there was any way to transfer money from my domestic account to an account in Naira so that I could quickly withdraw the money from an ATM in Naira. But it was unfortunate that I couldn’t discover any quick means to achieve this. Because of this, I had no choice but to start calling some of my friends and asking them to send me money (in Naira) so that I could take care of my pressing needs. I will pay them back when I convert my dollars to Naira.
This is a very difficult circumstance to be in. You should now be aware that exchanging your dollars or any other foreign cash for naira in Nigeria is almost pointless because the local currency is the naira. The question now is, how exactly can the money be transferred from a domiciliary account to the Naira account? Is it even possible? Find out together with me in this article.
Can You Transfer From Domiciliary Account To Naira Account?
The fact is that there is no simple method for transferring money from the domiciliary account to one that is denominated in Naira. No single bank in Nigeria will let you transfer money directly from your domestic account to your Naira account. You have the option of transferring money from one domiciliary account to another domiciliary account, and this can be done either between accounts held at the same bank or between accounts held at different banks.
However, we have devised a few methods by which it is possible for you to move money from your account in your country of domicile to an account in Nigeria. None of these methods are simple; instead, they each entail a complex process that will likely take you some time to complete. Following one another, we are going to talk about the different tactics.
Ways to Transfer Money From a Domiciliary Account To a Naira Account
Remember that, as I mentioned earlier, no bank in Nigeria will let you transfer money from an account held in your country of domicile to an account held in the Naira currency. On the other hand, we have devised several creative substitutes for doing this in a roundabout method. Indirectly accomplishing this goal is possible in various ways, all of which we will go through in just a moment.
1. Through a Bureau de Change (BDC) Agent
BDC agents are the most prevalent and straightforward method for transferring money from a domiciliary account to a Naira account. The BDC agents are the authorized individuals (also known as Aboki) in charge of exchanging foreign money.
You just need to find a reputable BDC agent in your neighborhood, introduce yourself, and tell him that you have some money in your domestic account and need more Naira. That’s all there is to it. Tell him that you would be delighted to transfer to his domiciliary account and that you would like him to send the identical amount in Naira to your account.
It is important that you do not forget that transferring money from one domiciliary account to another is possible, regardless of whether the two banks involved are the same. And each of these BDC agents always has a Naira account in addition to their domiciliary account. Therefore, all that needs to be done is to move the funds from your domestic account to the recipient’s domestic account. If this is the case, they would now be able to transfer naira to your naira account from their naira account.
Alternately, you may just stroll into your bank, withdraw the foreign currency from your domestic account, and then take the cash to one of the BDC agents, who will then be able to exchange it for Naira. This is another option. After they convert it to Naira, you can deposit it directly into an account that accepts Naira. You may also ask them to transfer the Naira to your Naira account, but a more accessible option would be to simply take the Naira cash to your bank and deposit it in your Naira account there.
It is important to remember that a domestic account can only be used for a single foreign currency type. This indicates that a dollar ($) account cannot be used to send or receive any other foreign money and may only be used to send and receive dollars. The same applies to an account denominated in euros (€) and other foreign currencies.
If you have a Dollar account as your domiciliary account, you will need to find a BDC agent who also has a Dollar account. If you have a domiciliary account that is a Euro account, you should try to find a BDC that also offers Euro accounts.
How Do I Find a BDC Agent in My Area?
Nigeria’s 36 states are home to at least one, and sometimes several, Bureau de Change offices. You need to get out your phone and type “Burea De Change Near Me” into Google Maps to find the BDC that is geographically closest to you. Google will use your location to display a list of all authorized BDC offices in the vicinity of where you are.
2. Through a Friend
Any of your acquaintances who also have a domiciliary account and a naira account can be used as a conduit for transferring funds from a domiciliary account to a naira account.
You simply need to meet up with the friend and explain to him that you are in desperate need of money in Naira and that you want to transfer foreign currency to his domiciliary account so that he can send the equivalent amount of Naira to your Naira account. After that, you must wait for the friend to transfer the money to your Naira account.
It is important to remember that a domestic account can only be used for a single foreign currency type. This indicates that a dollar ($) account cannot be used to send or receive any other foreign money and may only be used to send and receive dollars. The same applies to accounts denominated in euros (€) and other foreign currencies.
So if your domiciliary account is a dollar account, you should hunt for a friend with a dollar account. You need to find a friend who also has a domiciliary account in the Euro currency if your domiciliary account is a Euro account.
This page will be updated to include more ways to transfer money from the domiciliary account to the Naira account as soon as possible. Always come back here for updates.
In addition, if you are aware of any additional methods, please share that information with us so that we may incorporate them into this section. 👍
Frequently Asked Questions
Can I withdraw Naira from my domiciliary account?
Despite this, there are still a few ways for you to transfer your foreign currency into Naira. You can do it by using a bureau de change or any other technique that is more convenient for you.
Can I Receive Dollars In My Naira Account?
Can I transfer money from my domiciliary account to my savings account?
However, you are not permitted to move money from a domestic account into a naira savings account.