Can i receive dollars in my naira account? Explained

One of the question being asked by Nigerians is the possibility of receiving funds from abroad into a naira account. So in this article I’ve what you are asking for, and that is the question of the day.

Can i receive dollars in my naira account?

Yes you can receive dollars into a naira account but the money will automatically be converted using the bank exchange rate which is very much low compared to the black market rate.

Aside from dollars, you can also receive pounds, Euro, yen or any currency into your naira account though I’m quite very sure of dollars, pounds, Euro and the Chinese yen.

Now I will explain to you all you need to know when it comes to receiving dollars, pounds, or Euro into your naira account instead of a domiciliary account.

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Can i receive dollars in my naira account?

You can receive dollars or any other foreign currency into a naira account, and which will be converted to naira using the bank exchange rate.

The truth is that I don’t advise or recommend using a naira account to receive dollars from abroad or anywhere.

My reasons are as follows;

1. Very low bank exchange rates

The worst means of receiving dollar, pounds, Euro, etc into a bank account in Nigeria is by using the naira account in receiving the money.

If you do that then you will be giving the bank a good chunk of your money.

Let me explain it to you.

The bank dollar to naira exchange rate is N411 and if you are to receive $1k into your naira account which will be converted to naira, then the total amount of money to be paid into your naira account will be N411,000.

That’s pretty much awful compared to the black market.

However, when you want to make payment online using your naira account or debit card, the bank will charge you $1 to N480 instead of $1 to N411 which for me it is cheating.

Now the question is why would you want to use your naira account to receive dollars since the bank exchange rate is very low when selling your dollar to the bank. Then if you want to use the same naira account to make payment online, then bank will charge you higher.

At the end of the day you are the losing while the bank is kinda ripping you off.

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2. The black market is way better

Talking about can i receive dollars in my naira account and which the answer is yes though I wouldn’t advise you to do so simply because of the black market exchange rate which is way better compared to the bank rate.

Currently the black market exchange rate is $1 per N567.

So let’s say you want to receive dollars ($1k) into a domiciliary account and afterwards you withdraw the money and look for the nearest black market seller to exchange the money.

That will be 1000 x 567 and this gives you 567,000. At the end of the day you see yourself pocketing a whopping N567,000 instead of N411,000.

Now if you happen to subtract N411,000 from N567,000, at the end of the day you will see that you are giving the bank N156,000 once you use your naira account to receive dollars.

Because of these two reasons I won’t advise you to use your naira account to receive dollars, pounds, Euro or any currency from abroad. Instead you will have to open a domiciliary account and through a Dom account you can have dollars, pounds, Euro, and the Chinese yen in your bank account right here in Nigeria.

I will advise you to read about domiciliary account in Nigeria and how to open a Dom account.

Once you have an active domiciliary account then you will see no need asking can i receive dollars in my naira account.

Getting a dollar card

Once you have opened a domiciliary account, I will advise you to try get a dollar debit card or even credit card buy only if you are the type that usually make payments online.

As the cbn imposed a limit on the naira debit card, using it to make payments in a given month will be a lot frustrating as most banks are limited to $200 except for access bank that is $300.

Once you have the dollar debit card or dollar credit card, you can pay more than $5000 using your dollar card. This is why having a domiciliary account in Nigeria is very essential especially for online shoppers and those that work online.

The question is;

How do you get a dollar card in Nigeria?

For you to get a dollar card in Nigeria, you need to first open a domiciliary account and after everything is completed, request from the bank that you want to have a dollar debit card.

It is same with requesting for a naira debit card.

But the truth is that requesting for a dollar card will cost you N5000 unlike the naira card that is N1000.

Depending on the type of bank you have, it shouldn’t take more than two weeks and you should go collect your cars unless the bank offers same day collection.

Once you have the dollar card with you, kindly forget about using your naira debit card for anything except for cash withdrawal, and with a domiciliary account, you shouldn’t be bothered asking can i receive dollars in my naira account.

Can I receive dollars in my UBA Naira account?

Yes you can receive money into uba naira account and this is applicable to all banks in Nigeria and not just uba. Once your naira account is active you can receive dollars into your uba naira account and withdraw the money.

Once again I will not advise you to use your naira account to receive funds or dollars because of the low exchange rate offered by our banks. So the only solution is to open a domiciliary account and you are good to go.

Having explained all you need to know on the question of the day can i receive dollars in my naira account, I’m open to your comments incase you are confused somewhere in this post.

Can i receive dollars in my naira account? Explained