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CBN Circulars & Publications | |
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Monday, November 30, 2020 / 07:04 PM / by CBN/ Header Image Credit: EcoGraphics
Following different interpretations on the
operationalization of Domiciliary Accounts and to ensure the stability of the
foreign exchange market, The Central Bank of Nigeria (CBN) would like to
provide the following clarifications.
Export Proceeds Domiciliary Accounts
These accounts will continue to be operated based on
existing regulations which allow account holders use of their funds for
business operations only, with any extra funds sold in the Investors' &
Exporters' (I&E) Window.
Ordinary Domiciliary Accounts
These clarifications are necessary given the vastly
improved capabilities of the Central Bank of Nigeria to monitor transactions,
forestall money laundering and prevent the adverse effect of Dollarization in our economy.
All Authorized Dealers and the General Public are to
note that BVN would be used to enforce compliance with these regulations.
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