Key Takeaways
- Measures are now in place to ensure forex exchanges between banks and clients
- No motion in place to convert domiciliary held funds to Naira to spike dollar scarcity
- Domiciliary account holders can proceed to exchange funds legally without problems
This notion was revealed by Osita Nwanisobi, director of communications for the apex bank. Nwanisobi noted in a statement that the financial regulator had set motions to deploy a monitoring system that would ensure seamless supply of foreign exchange to customers that had legit requests.
He further added that the apex bank had gotten assurances from commercial banks that customers with proper forex requests would not be refused access to Forex. Banks are also committed to following the apex bank directive.
Nwanisobi also addressed claims that the bank intends to use domiciliary accounts to fund the dollar demand of the country. He stated that the rumors were generated by criminal elements that want to confuse within the context of the recent developments in the country.
He stated that domiciliary account holders and the banking public could carry out lawful foreign currency transactions without fearing reprisals from the banking system.
This latest clarification shows that the CBN is serious about its recent move against Bureau de Change operators. So far, the action seems to be working as the Naira has gained in recent days to the dollar. It remains to be seen if the apex bank has enough to handle the huge demand for Forex in the country.
Do you think the new CBN policy would affect domiciliary account holders negatively?
