Hello everyone.
So theres a policy issued about a week ago by CBN directing banks to close naira accounts for IMTOs or International Money Transfer operators. I'm sure i didn't explain it right and i would have copied or linked an article but i use button device. The grammer and terms they use is quite confusing and i ended up not undestanding what they said. I was hoping someone coukid explain in laymans terms what the policy is talking about.
Also, as a nigerian in nigeria, can i open a dollar account and deposit naira into it at the banks own exchange rate? I intend to use the card issued on the dollar account to buy stuff from foreign websites? I know our normal visa/master cards will too but i specifically need to buy with the dollar account. Also does this new CBN policy affect the usage of dollas or euro accounts? pardon my ignorance i don't quite understand these things. Please help.

Bendent19:
Hello everyone.
So theres a policy issued about a week ago by CBN directing banks to close naira accounts for IMTOs or International Money Transfer operators. I'm sure i didn't explain it right and i would have copied or linked an article but i use button device. The grammer and terms they use is quite confusing and i ended up not undestanding what they said. I was hoping someone coukid explain in laymans terms what the policy is talking about.
Also, as a nigerian in nigeria, can i open a dollar account and deposit naira into it at the banks own exchange rate? I intend to use the card issued on the dollar account to buy stuff from foreign websites? I know our normal visa/master cards will too but i specifically need to buy with the dollar account. Also does this new CBN policy affect the usage of dollas or euro accounts? pardon my ignorance i don't quite understand these things. Please help.

enter your bank in twelve hours and ask them

Yes you can open your domiciliary accounts and fund with cash purchased from other sources or through inflows from foreign transfers into it not necessarily at the bank rate.

In order words you can open a dom account but you may have to fund it yourself if you don't have an inflow that gives you forex.

Bendent19:
Hello everyone.
So theres a policy issued about a week ago by CBN directing banks to close naira accounts for IMTOs or International Money Transfer operators. I'm sure i didn't explain it right and i would have copied or linked an article but i use button device. The grammer and terms they use is quite confusing and i ended up not undestanding what they said. I was hoping someone coukid explain in laymans terms what the policy is talking about.
Also, as a nigerian in nigeria, can i open a dollar account and deposit naira into it at the banks own exchange rate? I intend to use the card issued on the dollar account to buy stuff from foreign websites? I know our normal visa/master cards will too but i specifically need to buy with the dollar account. Also does this new CBN policy affect the usage of dollas or euro accounts? pardon my ignorance i don't quite understand these things. Please help.

bigtt76:
Yes you can open your domiciliary accounts and fund with cash purchased from other sources or through inflows from foreign transfers into it not necessarily at the bank rate.

In order words you can open a dom account but you may have to fund it yourself if you don't have an inflow that gives you forex.

Okay if ive got cash in naira, the banks wont directly receive it as a deposit and i have to go change it to dollars somewhere else before i can pay it in right?

I remember when I walked into Diamond Bank in 2008 and changed dollars over the counter.
Why is the CBN making it look like rocket science to simply fund and withdraw from domiciliary accounts? How has all their shenanigans of the last 10 years helped the Naira?

Exactly

Bendent19:

Okay if ive got cash in naira, the banks wont directly receive it as a deposit and i have to go change it to dollars somewhere else before i can pay it in right?

Ooh wao... never experienced this though. I had tk fund my dom account with GTBank then before I could use mastercard dollar card back then

stagger:
I remember when I walked into Diamond Bank in 2008 and changed dollars over the counter.
Why is the CBN making it look like rocket science to simply fund and withdraw from domiciliary accounts? How has all their shenanigans of the last 10 years helped the Naira?