Naira/Dollar War, CBN Says Only Wire Transfers From Domiciliary Accounts

The war against stabilising the Naira against the Dollar reaches a new dimension as only wire transfers to and from domiciliary accounts are now allowed in banks.

This directive was given through a circular signed by the CBN director, trade and exchange department, Olakanmi Gbadamosi . 

Meanwhile since last week, most banks have stopped receiving Dollar cash deposits from customers. All these measures are in line with government's anti-money laundering efforts to stop illicit financial flows in the Nigerian banking system.

However, the CBN has advised individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA, medical, mortgage, school fees, goods, among others, to do so through recognised channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.

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