How To Make Extra Money With Your Domiciliary Account

After using this method to make extra money into my domiciliary account for sometime now, especially now that the value of Naira against the Dollar is depreciating continuously. I found it necessary to share it with you.

 This is not one of the “Get Rich Quick” schemes flying all over the internet. It is a very legitimate business meant for serious minded people like you and I. So if you think this business will make you rich over night, you will be making a great mistake.
       
Before I start I would like to explain what a Domiciliary account is and what it is used for. This is for the benefit of those of you who have never heard of it before.

WHAT IS A DOMICILIARY ACCOUNT?
A domiciliary account is a special bank account which operates like your normal bank account except for the fact that it only accepts foreign currencies. In other words, while your normal bank account is used for saving and withdrawing money in your local currency, a domiciliary account is used for saving and withdrawing money in foreign currencies like Dollars, Pounds and Euros.

WHAT CAN I DO WITH A DOMICILIARY ACCOUNT?
With your domiciliary account, you can send and receive foreign currencies from anybody anywhere in the world.
You can use it to clear your Google Adsense and Affiliate Marketing Cheques.
You can also use your domiciliary account to do wire transfers.
You can decide to save all your money in foreign currencies with your domiciliary account.

HOW CAN I OPEN A DOMICILIARY ACCOUNT?
Opening a domiciliary account is as simple as walking into any bank of your choice and filling a domiciliary account opening form. But before you do that, you must make sure you go along with some basic requirements.
1.  Means of Identification. This could be any one of the following:
Drivers License,
National ID card,
International Passport.
2.  Utility Bill. This could be any one of the following:
Electricity Bill
Water Bill
3.  Activation Fee (in dollars)

Note: if you already operate a savings or current account with your bank, you might not need to produce all the above requirements.

I personally use GTbank and that is what i recommend for you. Zenith Bank, Stanbic IBTC, UBA and First Bank are also good.

To activate your GTbank domiciliary account, you have to pay the sum of $100 into it, while for Zenith Bank, it costs $120.
 Before going to the bank, just go and buy the dollars from any Bureau de Change office around you.
For more enquiries about opening a domiciliary account, you can contact the customer care representative of your bank.

HOW CAN I MAKE EXTRA MONEY WITH MY DOMICILIARY ACCOUNT?
Since you now know what a domiciliary account is, and what it is used for, it is now time to learn how to make extra money with it.
Let me re-emphasize that this business is not for everybody.
**It is for those who have money that will not be put into use soon.
**It is for those who have the patience to wait until the time is right.
**It is for those who can monitor the money market with regards to the rise and fall of the dollar.
**If you meet the above criteria, then you are ready to do this business. So let’s get started.

STEP1. Keep track of the Naira/Dollar exchange rate to know when the dollar falls significantly. Let’s say N140/dollar.

STEP2. Once you confirm that the dollar has fallen significantly, go to any Bureau De Change office near you and buy dollars, then go back to your bank and deposit it into your domiciliary account.

STEP3. Then keep monitoring the dollar to see when it rises significantly. Once it is confirmed that the dollar has risen( just like it has risen now to above N210 to $1), go to your bank and withdraw the money, then rush to any Bureau De change office and change it back to Naira and you will see you have made some extra cash on your initial deposit. You can repeat this process as many times as you wish.

This simple business is better than leaving your money in your bank account for several months with little or no interest accrued.

Let’s see how much you can really make from this business.
Example:
You bought 100 dollars at N135/dollar = N13,500.

After 2 months, the dollar rose to N200/dollar =N20,000.

Gain= N20,000 - N13,500 = N6,500.

You have made a profit of N6,500 on your initial deposit in just two months. There is no bank that can give you such an interest even if you save your money with them for 3yrs. So if you have some money that you will not need in a couple of months, I advice you to do this business.

Here are things to look out for to know when Naira is depreciating(falling) against Dollar:

** When the price of oil in the international market start falling.
** When the Foreign Reserve is going down.
** When the Excessive Crude Account is also going down.
** Also when the Foreign  External Reserve is on downward trend.
**  During the time of Electioneering (election time).
** Inflation in the economy.
** And insurgency, Millitancy.

The Naira will continue to fall as long as the oil price keeps going down, and if the CBN further restricts the inflow of dollars from the foreign reserves into the market, Naira might fall as low as N250 to $1.

For comments and questions, please make use of the comment box.