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CBN allays fears over domiciliary account deposits

The Central Bank of Nigeria (CBN) has dismissed speculations in some quarters that it plans to convert the foreign exchange in domiciliary accounts of customers into naira in order to address the purported shortage of dollars.


The Acting Director in charge of Corporate Communications at the CBN, Mr. Osita Nwanisobi, who disclosed this while speaking with business correspondents in Abuja yesterday, stated that the apex bank never planned to tamper with the foreign exchange deposits in the domiciliary accounts of customers.


He insisted that those making such allegations were speculators whose intention was to create panic in the foreign exchange market.


According to him, at no time did the CBN ever suggest or imply that it would tinker with the foreign exchange deposits of customers.



He urged operators of domiciliary accounts and other members of the banking public to go about their legitimate foreign exchange transactions and disregard fictitious stories aimed at pitching them against the apex bank and triggering chaos in the system.


Also, following Monday’s commencement of CBN’s directive to banks to sell foreign exchange to customers, for invisibles such as basic travel allowance, PTA, medical and tuition etc,

Nwanisobi assured members of the banking public that the regulator would monitor the commercial banks to ensure they meet the legitimate FX demands of customers.


He disclosed that the CBN had put in place monitoring mechanism to guarantee the seamless sale of foreign exchange to customers who supported  their requests with relevant documentation.


He said the CBN had also extracted the commitment of the banks, through their chief executive officers that customers with legitimate requests would not be turned back.


New Telegraph reports that CBN Governor, Mr. Godwin Emefiele, at his post Monetary Policy meeting (MPC) briefing last Tuesday, disclosed that the CBN would stop the weekly sale of foreign exchange to Bueaux de Change (BDCs) and that DMBs would henceforth sell to customers to meet their foreign exchange needs


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