Breaking: CBN Gives New Strict Rules For Domiciliary Account Holders

By Andrea Samuel

Central Bank of Nigeria has introduced new strict rules for Domiciliary Account Holders within and outside the country.

According to an exclusive post by TheCable Nigeria, “Those who travel to the UK and urgently need some FX to fund their debit card will now have to return to Nigeria, buy the dollar, pay into your card and return to the UK to continue your shopping.

According to an internal memo, forex cash lodgements into domiciliary accounts can only be done by the account owners.

The memo said the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.

“Forex inflows cannot be credited to customers until the legitimacy of funds is established”.