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Nigeria: CBN Directs Banks to Open Dollar Account for Remittances

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The Central Bank of Nigeria (CBN) has directed banks to automatically open dollar bank accounts for their customers who do not have domiciliary in order to facilitate remittances.

The development, according to a statement from WorldRemit- an International Money Transfer Operators (IMTO), would ensure that, “all international money transfers will be successfully processed even if senders enter naira account details for transactions.”

“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.

Furthermore, it revealed that, “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.”

Commenting on the development, Country Manager, Nigeria and Ghana, at WorldRemit, Gbenga Okejimi said: “We are very pleased by the CBN’s decision to mandate Nigerian banks to help citizens who do not have a USD account by automatically providing this facility on their behalf.

“This development will make all the difference to those who receive support from family and friends abroad. For our part, we are excited by the fact that we can continue to enable the transfer of remittances to more people across Nigeria whilst also supporting the Nigerian government in its efforts to strengthen the economy.”

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