Regulatory Alerts2016-01-11 | TED/FEM/FPC/GEN/01/001Developments in the Foreign Exchange Market, Re: Cash Deposit into Domiciliary Accounts
The Bank of Nigeria informs authorized dealers and the public that holders of ordinary domiciliary accounts can now deposit foreign currency cash into their accounts. This measure aims to stabilize the foreign exchange market, and authorized dealers must perform KYC checks to prevent money laundering and other illicit activities.
BANK OF NIGERIA TRADE AND EXCHANGE DEPARTMENT 09-61637804 09-61637802 E-mail address: ted@cbn.gov.ng Our Ref: TED/FEM/FPC/GEN/01/001 January 11, 2016 To: ALL AUTHORISED DEALERS AND THE GENERAL PUBLIC DEVELOPMENTS IN THE FOREIGN EXCHANGE MARKET RE: CASH DEPOSIT INTO DOMICILIARY ACCOUNTS In the continued effort to ensure the stability of the foreign exchange market, the general public is hereby informed that with effect from the date of this circular, holders of ordinary domiciliary accounts are allowed to deposit foreign currency cash into their accounts. Meanwhile, Authorized Dealers are required to ensure that proper KYC is conducted on their domiciliary account customers to prevent money laundering and other malpractices.
circular supersedes that of August 5, 2015 with This Ref:TED/FEM/FPC/GEN/01/015 on the subject.
Please note and ensure compliance AHUCHOGU O.L. (MRS For: DIRECTOR TRADE & EXCHANGE DEPARTMENT