The Bankers’ Committee has offered further clarifications on the recent restriction on dollar cash deposit into domiciliary accounts.
Rising from the 323 Bankers Committee Meeting (comprising the Central Bank of Nigeria and the member banks) in Lagos, the Committee said “the operations of domiciliary account remain the same, the only thing that has changed is the restriction on dollar cash deposit into it.
Director/CEO Guarantee Trust Bank, who spoke on this position said ”the operations of domiciliary account remain the same. You still have unfettered access to your account. You can transfer money into your domiciliary account and transfer money out of your domiciliary account without any restrictions. The only thing that has changed is payment of cash dollars into your domiciliary account.
The challenge is lack of awareness because the amount of things you can do through the CBN windows in terms of invisibles are a lot more than people think.”
“You will continue to pay medical bills through the CBN window. You will continue to pay school fees through the CBN window and as today, the CBN has met all those invisibles that are necessary. Those legitimate expenses can be taken from CBN window so people shouldn’t rely on the parallel market when their demands can be met through the CBN window at a cheaper rate. The type of demand that puts pressure on the foreign currency is not the small invisibles”, he explained further.
Asked what would happen to the rejected dollars, he said “we don’t really concern ourselves with what people do with their dollars thereafter. Our official currency is the naira, for those who have chosen to hold the dollars, it’s their personal decision.”
48hrs funding for fx. It will help to determine what is legitimate demands and spurious demands. Making 48hrs demands will also enable the CBN to know the level of daily dollar demands.
On Cash-less Nigeria, the Committee said, its only
 operational in five states plus Abuja for now and anyone who may have been charged in other states will have their refunds.
Mr. Segun Oloketuyi, the Managing Director/CEO Wema Bank, who gave the clarification on behalf of the Committee, said “the states are Lagos, Ogun, Anambra, Rivers, Kano plus Abuja.”
“The intension is to roll out across the country but we had to hold back because we want a seamless experience. We are looking at the infrastructure developments in the other states such that when they are rolled out, we won’t have a challenge. But the banking sector has invested hugely in building infrastructure on mobile and internet banking. We encourage customers to migrate to these platforms.
Those that were charged erroneously in the other states will have their refund with immediate effect,” he said.

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