The Central Bank of Nigeria appears to have warned depositors from using their accounts for what they term “perceived as International Money Remittance Service (IMTO) or Bureau de Change (BDC) activities” without the approval of the CBN. This instruction was sent through commercial banks to depositors and looks to be targeting people who use their domiciliary accounts for black market trade of forex.

According to banking sources, some people with domiciliary accounts typically use their accounts as a conduit for buying and selling forex making a nice profit either way. Rather than route money through the interbank market, most companies and individuals prefer to run transactions via their domiciliary accounts selling forex to buyers with a broker as the facilitator.


READ MORE:http://nairametrics.com/alert-cbn-warns-everyone-from-using-their-dom-accounts-to-buy-and-sell-dollars/


Cc: lalasticlala

He who comes to equity must come with clean hands.

When I receive inflow of dollar in my dom account, the bank will buy it from me at the official rate let's say 315 and later if i do any international transaction on my naira master card, the same bank will charge me 410 per dollar.... Is that not crazy!!

Truth be told, the whole system is messed up and CBN should better do a clean up in the banking sector. Even if i have hundreds of dollars to sell now I will go to the nearest aboki sharperly!!

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