Nigeria: Customers can now transfer foreign currency, says Banks
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| CBN Governor, Godwin Emefiele |
Deposit Money Banks in the country are now allowing
customers to transfer foreign currency cash deposits made into their domiciliary
accounts. The announcement from the banks started coming in four days
after the Central Bank of Nigeria lifted the ban on foreign currency deposits.
The CBN had on Monday said holders of ordinary domiciliary
accounts were allowed to deposit foreign currencies into their accounts, a move
that ended a six-month embargo on the DMBs from receiving cash deposits from
the customers.
The Head, Media and External Relations, FirstBank of
Nigeria, Mr. Babatunde Lasaki, confirmed to our correspondent on Saturday,
"Banks can do transfer now. We sent messages to some of our customers
yesterday (Friday)."
The message sent to customers read in part, "Please be
informed of the following: Customers can make foreign currency cash deposits
into their FirstBank domiciliary accounts without restrictions.
"We have recommended the transfer of US dollar and
other currencies for our customers who make such cash lodgements subject to the
monthly limit of $10,000. A flat rate of two per cent on the sum to be
transferred is to be charged on all the transfers. We implore all branches to
re-commence foreign currency transactions for all our customers."
In an emailed statement sent to customers on Saturday,
Guaranty Trust Bank, also said, "We are pleased to inform you that you can
now transfer foreign currency cash deposits made into your GTBank domiciliary
account(s) via internet banking, mobile app or at any of our branches
nationwide, subject to a daily cumulative limit of $10,000."
Similarly, Sterling Bank, in an email to customers on Friday
night, said, "We are pleased to inform you that effective Monday, January
18, 2016 you will be able to transfer cash deposits from your foreign currency
domiciliary accounts, up to a maximum of $10,000 per transaction. Kindly visit
any of our branches to submit your request as applicable."
The PUNCH had on Friday reported that bank customers were
shying away from making cash deposits into their domiciliary accounts.
A currency strategist at Ecobank Nigeria, Mr. Kunle Ezun,
had, three days after the lifting of the ban on cash deposits into domiciliary
accounts, said the CBN would need to come back to the banks and provide a
clearer view about what the banks would do about the cash deposits in their
vaults.
He said, "With what they have done now, it is now a
win-win situation. The banks will be happy to do business. Then again it allows
the naira to have a sort of cushion. People can now do wire transfer to and
from abroad. It will create a free flow of funds in the market.
"People who have dollars can bring it in now and banks
can do transfer for them. With this, the market will calm a bit next week and
we expect to some appreciation in the naira in the parallel market."
The CBN had in a circular on August 5, 2015 banned the
payment of cash into domiciliary accounts in a bid to stop illicit financial
flows in the Nigerian banking system.
BRUSSELS (AP) — Following the death of more than 40 people
off the Greek islands Friday, here are some questions and answers about the
migrant crisis and what Europe is doing to respond to it. More than a million people entered the bloc in 2015 and
around 3,700 died or went missing on the way. Already in the first three weeks
of this year, another 37,000 people have entered the EU, according to the
International Organization for Migration.
Berlin (AFP) - Greece faced fresh pressure Saturday over its
handling of the migrant crisis after Austrian Interior Minister Johanna
Mikl-Leitner warned that Athens faced "temporary exclusion" from the
EU's passport-free Schengen zone.
Indigenous textile operators are howling that Chinese operators have taken over the Nigeria’s textile industry. From East to West, North to South there is ranting. The local operators weep stalks to the fact that China, which was formerly an import dependent country, had 16 textile factories in China devoted to tossing out textiles with a “Made in Nigeria” badge sewn in them around 1997, with Nigeria’s textile industry vibrantly operating over 300 vivacious factories. The vibrancy of the industry in Nigeria earned her the status of the second largest in Africa, battling with South Africa, after Egypt’s, then.
In Cologne on New Year's Eve there was no terrorist attack
and no one got killed. But the massive assaults on women by a huge crowd with
many asylum seekers has sent a nation into shock. The shock is
multi-dimensional and deep: Germans are rubbing their eyes about a helpless
police that was incapable to upholding the law. They are shocked about the
criminal behavior of people Germany had welcomed and opened the doors for. But
most of all: Germany is wondering about the values the country stands for - and
whether they can be defended.
Over 10,000 public sector workers are expected to hit the
streets of Accra Wednesday, January 20, to protest high taxes and tariffs recently
introduced by the government of Ghana. Labor organizations including the Trades
Union Congress (TUC) are asking their 500,000 members to turn up to express
disapproval.
Norway on Tuesday began a controversial new practice of
sending migrants and refugees who battled freezing temperatures to cross the
country's arctic border with Russia on bike, back across the border.
The Germans,
founders and funders of the postwar union, shut their borders to refugees in a
bid for political survival by the chancellor who let in a million migrants. And
then -- why not? -- they decide to revive the Deutschmark while they're at it.
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