Friday, 17 March 2017

The $100 Domiciliary Account Saga

Its a known fact that in Nigeria to open a domiciliary account of any kind requires foreign exchange.

To open a dollar domiciliary account requires a $100 note and the same applies to pounds and  euro.

Despite the fact that the federal govt pumped millions of dollars into the market to sustain liquidity of dollars in the inter-bank foreign exchange market, commercial banks still ask its customers to patronize parallel markets for dollar notes to open domiciliary accounts when they can collect its equivalent in naira and credit the  domiciliary account .

In what way will this policy stabilize the foreign exchange market?


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