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Nairaland Forum / Nairaland / General / Business / CBN Bans Deposits Into Domiciliary Account (63013 Views)
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CBN Bans Deposits Into Domiciliary Account by NgeneUkwenu(f): 8:25pm On Aug 05, 2015 |
Central Bank of Nigeria (CBN) has banned the payment of cash into domiciliary accounts in the country. In a circular released on Wednesday and signed by Olakanmi Gbadamosi, the director of trade and exchange, the central bank said its action followed recent statements by individual banks suspending the payment of foreign currencies into domiciliary accounts. Gbadamosi wrote: “The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks (DMBs) concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development. “Therefore, in its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs. “For foreign currency cash lodgments made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible. “The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.” By this circular, those who deposited foreign currencies into their accounts before the directive will now have to withdraw the cash as they are not going to be allowed to transfer the funds. https://www.thecable.ng/just-cbn-bans-deposits-dom-accounts 27 Likes 3 Shares
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Re: CBN Bans Deposits Into Domiciliary Account by NgeneUkwenu(f): 8:25pm On Aug 05, 2015 |
President Buhari, do all you can to protect our naira, even if it takes suspending the current Clueless CBN Governor who only makes knee jerk decisions on major macro economic policies! May God Bless Buhari For Us!!! 109 Likes 4 Shares
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Re: CBN Bans Deposits Into Domiciliary Account by agarawu23(m): 8:27pm On Aug 05, 2015 |
when Gej appointed this man, he was dancing to his tone but as my oga @ the top don take over, CHANGE don cum. if na skelewu you dey dance follow gej before, it's high time you start dancing to fela old school music. these are the fastest ways we can use to survive the fall of naira. Though it will affect some ppl but we have know choice cos we need to save our economy. Stealing is now Corruption........ 102 Likes 5 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by LagosBoi2(m): 8:27pm On Aug 05, 2015 |
Good move 6 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by aewhydot: 8:28pm On Aug 05, 2015 |
Kudos All in d name of FTC Na wa 2 U o |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 8:29pm On Aug 05, 2015 |
stale news, barcanista don deal wif dis topic before. 53 Likes 3 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by not4sure(m): 8:30pm On Aug 05, 2015 |
We need to strengthen our Naira. Say No to dollarize economy. If you want to buy something or pay for any service it must be done in Naira.. Sorry Yahoo Boys 41 Likes 4 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 8:35pm On Aug 05, 2015 |
“Therefore, in its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs. “For foreign currency cash lodgments made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent.This will cause more harm to the naira. Anyway, this is an overflogged issue. Time will tell 30 Likes 2 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by Mynd44: 8:39pm On Aug 05, 2015 |
I am going to need a lot of popcorn for the coming days. Emefiele is gambling but playing it safe.... 4 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by IsraeliAIRFORCE: 8:42pm On Aug 05, 2015 |
It is still legal to operate domiciliary account hence we need all the elementary details. 3 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by illmatic101(m): 8:45pm On Aug 05, 2015 |
OREMUSSANCTUS: Yeah! barcanista the political professor 21 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by phyllosilicate(m): 8:50pm On Aug 05, 2015 |
NgeneUkwenu:hahahahaha ...... Ameen |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 8:55pm On Aug 05, 2015 |
Let's see what the mallams will do now, they can continue hoarding their dollar till eternity. The cbn has to stop wasting external reserve defending artificial devaluation. 18 Likes 1 Share |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 8:57pm On Aug 05, 2015 |
ok |
Re: CBN Bans Deposits Into Domiciliary Account by owobokiri(m): 8:57pm On Aug 05, 2015 |
NgeneUkwenu: NgeneUkwunkita the village economist. What do you want to do with a "strong naira"?? This is not another political kiriji war. It is basic economics. I thought the APC wants to stimulate an export economy. . How can a powerful naira drive export? Lecture, sorry, humour us. . 62 Likes 11 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by LagosBoi2(m): 8:58pm On Aug 05, 2015 |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 8:58pm On Aug 05, 2015 |
IsraeliAIRFORCE:Is it impossible for importers to do transactions without this domicillary account sef. Can't we pay naira equivalent and have the banks do the exchange electronically 15 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by Trailblazer1(m): 8:59pm On Aug 05, 2015 |
Ngeneukwunu is the most economically astute APC supporter on Nairaland. Since she declared herself an economist, Nigeria economy has taken a tumble 42 Likes 4 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by IsraeliAIRFORCE: 9:01pm On Aug 05, 2015 |
Obiagelli: The mallams will just go to Chad, Niger, Benin Republic or Cameroon and open account for depositing the dollars which they will be carrying across the borders from Nigeria then they will continue wiring the transactions from these neighbouring countries into their Nigerian bank accounts 14 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by atlwireles: 9:02pm On Aug 05, 2015 |
Thousands of Nigerians living outside the country send products to their business partners and family members to sell on their behalf, thereafter return their monies back to them. This policy is going do damaged to these group of people. Many small import businesses have already been excluded from the forex market, even though their products are not prohibited, how will they make payments for products around the world? This is another knee jerk reaction from the CBN, which will do the Naira and the economy no good. 12 Likes 3 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by Trailblazer1(m): 9:05pm On Aug 05, 2015 |
Where are all those professors, think tanks and technocrats in economics in Nigeria? They should speak up now and proffer solution to this economic woe before this Doro-dullard plunge us into an economic disaster. This is elementary trial by error experimental economic policy 6 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by Image123(m): 9:08pm On Aug 05, 2015 |
Suave. |
Re: CBN Bans Deposits Into Domiciliary Account by ERODEDEAST(f): 9:10pm On Aug 05, 2015 |
This may weaken the Naira may not be now |
Re: CBN Bans Deposits Into Domiciliary Account by emorse(m): 9:10pm On Aug 05, 2015 |
Obiagelli: Can someone please answer this question? 6 Likes 3 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by IsraeliAIRFORCE: 9:11pm On Aug 05, 2015 |
Obiagelli: I actually listened to the CBN Director in-charge of monetary policy opined the provision of possible windows to accommodate such transactions and other legitimate businesses hence I wanted the CBN to publish every unambiguous elementary detail before I can be in the best position to critique the policy. 8 Likes |
Re: CBN Bans Deposits Into Domiciliary Account by atlwireles: 9:12pm On Aug 05, 2015 |
emorse: Simple answer is no. If you go through the Form M process and your transaction is approved, then it's possible. Form M is an application to import visible goods and also serve as a statistical tool for the government in policy formulation. It is mandatory for all importers to complete and register Form ‘M’ with Authorized Dealers at the time of placing orders whether the transaction is valid for foreign exchange or not. This is currently initiated electronically on Trade Portal provided by the Central Bank of Nigeria in conjunction with the Nigeria Customs Service. Supporting documents for submission of Form M includes PFI (proforma invoice), Insurance Certificate covering 110% of the item of import. Depending on the item of import, other regulatory documents such as NAFDAC permit, SONCAP product certificate, DPR Import Permit, PCN licence, etc.; will also be required 14 Likes 1 Share |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 9:16pm On Aug 05, 2015 |
barcanista: How will it cause more harm? Where do Fx depositors get dollar CASH from? Especially the large depositors. Where? Is dollar our legal tender here? They're stopping impunity in Nigeria and you're complaining. The era of business as usual is gone. 45 Likes 2 Shares |
Re: CBN Bans Deposits Into Domiciliary Account by Image123(m): 9:17pm On Aug 05, 2015 |
barcanista:Don't be ridiculous, you must have read this part " For the avoidance of doubt, only wire transfers to and from Domiciliary Accounts are henceforth permissible. “The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.”" 21 Likes 1 Share |
Re: CBN Bans Deposits Into Domiciliary Account by NgeneUkwenu(f): 9:18pm On Aug 05, 2015 |
emorse: Yes through Form A or Form M! That is exactly what CBN wants to achieve with the new policy. 5 Likes 1 Share |
Re: CBN Bans Deposits Into Domiciliary Account by Nobody: 9:20pm On Aug 05, 2015 |
IsraeliAIRFORCE:I guess we have to wait for the next step. |
Re: CBN Bans Deposits Into Domiciliary Account by emorse(m): 9:22pm On Aug 05, 2015 |
atlwireles: What then would be the fate of small scale importers who import from aliexpress and their likes? 3 Likes 1 Share |
Re: CBN Bans Deposits Into Domiciliary Account by veekid(m): 9:23pm On Aug 05, 2015 |
OK changes 1 Like |
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