Yesterday, August 5 2015, the Central Bank of Nigeria (CBN) announced its action following the recent statements by Nigeria banks, suspending the payment of foreign currencies into domiciliary accounts.
In a statement by Olakanmi Gbadamosi, trade and exchange director, the CBN stated that the organization has considered the recent statements by Deposit Money Banks 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.
The bank advises individuals that wish to source for foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognised 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,” the CBN instructed.
source: Naij
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