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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

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    Federal Government declares June 6 and 9 public holidays

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    • All
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    FG increases private university application fee from N5m to N25m

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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You have unfettered and unrestricted use of funds in your domiciliary accounts – CBN

Monday, 30 November 2020, 10:05 pm
in News, Nigeria
0
You have unfettered and unrestricted use of funds in your domiciliary accounts – CBN
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The Central Bank of Nigeria (CBN) has provided clarifications on the interpretations on the operationalization of Domiciliary Accounts. The clarifications were partly to ensure the stability of the foreign exchange market.’

  • Read also; Nigerian Stock Market daily report: AIRTELAFRI and MTNN drag market to 0.45% gain

The clarifications are;

Exports Proceeds Domiciliary Accounts: These accounts will continue to be operated based on existing regulations which allow account holders use of their funds for business operations only, with any extra funds sold in the Investors’ & Exporters’ (I&E) Window.

Ordinary Domiciliary Accounts:

  • Where accounts are funded by electronic/wire transfer, account holders will be allowed unfettered and unrestricted use of these funds for eligible transactions.
  • Where accounts are funded by cash lodgments, existing regulation will continue to apply.

The Apex bank implied that these clarifications are necessary given its vastly improved capabilities to monitor transactions, forestall money laundering and prevent the adverse effect of Dollarization in the Nigerian economy.

Investogist reported in September on rumours about a memo purportedly sent to the foreign exchange trading desks of leading banks, widely shared on some social media platforms and which was subject of a debate on Twitter, indicates that there are moves to review the utilization of inflows into customers domiciliary accounts.

According to a report by Nairametrics, the said memo made several recommendations on utilization actions for different types of inflows of forex into the country.

These clarifications along with earlier publication by the CBN on recipients of International Money Transfer may be geared towards reassuring the markets and investors.

By; Nnamdi M.

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