Economy
Nigeria’s central bank stops electronic transfer of funds from domicillary accounts
The Central Bank of Nigeria CBN has stopped the electronic transfer of cash deposits held in domicillary bank accounts in Nigeria.
In a circular released by the central bank, the bank said that only funds that were transferred electronically into an account can be transferred out electronically. All funds paid in as cash can only be transferred electronically if the amount does not exceed the $10,000.
See letter:
It is not immediately clear what the rationale behind this latest policy is but analysts immediately think it will further create pressure on an already unstable economy.
The CBN had earlier tweeted a clarification of the policy on the official handle which seemed to state an outright ban
Only transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash
— Central Bank of Nigeria (@cenbank) February 22, 2020
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons