I suspect Nigeria might be the only country in the world that's doing
this...because it makes no sense to me. In their bid to check fraud, The
Central Bank of Nigeria placed a ban on foreign currency cash deposits
in banks. It was officially announced yesterday by CBN. Read a circular
they released yesterday and tell us if you think it's a step in the
right direction. I don't!
"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. Please ensure strict compliance.”
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