Tag: domiciliary accounts

PFIPC scandal: How CBN opened domiciliary accounts for phantom agency

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Central Bank of Nigeria (CBN) on Monday said it had opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council. This is as the Chief of Staff to the President, Femi Gbajabiamila, appeared at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission to testify in the ongoing investigation […]

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CBN lifts cash deposit restrictions on domiciliary accounts

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In a statement, the Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts in the country will no longer be restricted. The statement by the apex bank came following a meeting with the bankers’ committee on Sunday, June 18, as regards guidance to Deposit Money Banks (DMBs). The guidance includes allowing […]

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CBN relaxes rules on foreign remittances, domiciliary accounts

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The Central Bank of Nigeria (CBN) has relaxed its rules on foreign remittances and domiciliary accounts. In a statement signed by the apex bank’s director of trade & exchange, O.S Nnaji, it was gathered that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now allow inflows in foreign currency (US Dollar) […]

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