Opening a Domiciliary account in Nigeria comes with an important distinction that many account holders overlook: the difference between an Ordinary Domiciliary Account (funded via electronic inflows/wires) and a Cash Domiciliary Account (funded via over-the-counter cash deposits).
Comparison of Inflow & Outflow Rules
- Ordinary (Wire-Funded) Dom Account: Can receive wire transfers from anywhere in the world. Funds can be transferred to other international bank accounts or sold to authorized dealers at interbank rates.
- Cash-Funded Dom Account: Funded with physical dollar banknotes. These funds can generally only be withdrawn as physical cash over the counter and cannot be wired abroad for international trade.
