L
LequteMan
Guest
Following Naira's recent significant crash to the dollar at the parallel market, the Central Bank of Nigeria, seem to have attached a new condition to the use of domiciliary accounts in Nigeria, a Vanguard report claims.
Due to increased demand and ebbing supply, the naira on Wednesday crashed to 460 per dollar, as scarcity lingers and CBN's interventions at the interbank market became thin.
Reports say bank customers have started receiving mails about usage of their domiciliary accounts, warning them to desist from using them for trading.
“All customers of financial institutions are expected to only use their accounts for their direct personal/company related transactions.
“No customer of any financial institution is permitted to engage in any activity that could be perceived as international money remittance service (IMTO) or bureau de change (BDC) activities without the express approval of the CBN.
“Any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to the security agencies.’’
The CBN would follow up this directive with more stringent control of access and usage of domiciliary accounts, an official of the bank added.
Due to increased demand and ebbing supply, the naira on Wednesday crashed to 460 per dollar, as scarcity lingers and CBN's interventions at the interbank market became thin.
Reports say bank customers have started receiving mails about usage of their domiciliary accounts, warning them to desist from using them for trading.
“All customers of financial institutions are expected to only use their accounts for their direct personal/company related transactions.
“No customer of any financial institution is permitted to engage in any activity that could be perceived as international money remittance service (IMTO) or bureau de change (BDC) activities without the express approval of the CBN.
“Any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to the security agencies.’’
The CBN would follow up this directive with more stringent control of access and usage of domiciliary accounts, an official of the bank added.
