It has now become mandatory for commercial banks in the country to automatically open dollar bank accounts for their customers who do not have domiciliary account in order to facilitate diaspora remittances, the Central Bank of Nigeria, CBN has said.
Opening a domiciliary account is one of the most difficult things to do in the country, considering what banks makes customers go through. Besides, customers have also complained of difficulty they encounter while trying to receive money from friends and families abroad.
The apex bank waded into the problem recently after it directed commercial banks to pay diaspora dollar transfer to customers on the counter, even though many also say the action was part of the Godwin Emefiele-led government bank’s efforts to stabilise the naira.
The CBN has now said that it wants to ensure a seamless international money transfers even if senders enter naira account details for transactions.
The apex bank said “WorldRemit, welcomes the CBN announcement that all Nigerian banks will be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those who do not currently have US Dollar bank accounts,” it stated.
“The CBN also stated that a $2,000 withdrawal limit will apply to these accounts. A number of analysts have described this recent development as a long-awaited and broadly welcome policy that will benefit both senders and recipients.
“The apex bank has said these changes will ensure that transactions do not fail due to a recipient not having a US Dollar bank account. It will also introduce transparency by guaranteeing that all recipients receive an exchange rate that reflects the market rate.”
Meanwhile, experts in the sector insist that the CBN has taken a bold step to eliminate one of the bottlenecks in foreign remittances. The action, will further ensure that Nigerians do not suffer unnecessary while trying to collect money that has been sent to them by families and friends abroad, according to experts, who noted that the standard of living of dependants who have relations abroad will change automatically.
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