In late 2023, the naira depreciated significantly, falling below ₦1,000 to the dollar, leading to challenges for many Nigerians with domiciliary accounts. These accounts, which were intended to allow individuals to save in foreign currency, have become less effective as the value of the naira continues to decline. As a result, millions of account holders find themselves unable to access their savings in dollars, facing restrictions and unfavorable exchange rates. This situation has raised concerns about the viability of domiciliary accounts as a reliable means of saving for the future.
Related Articles
Don't miss out on breaking stories and in-depth articles.