The Central Bank of Nigeria on Friday said it observed that some banks are operating accounts either as companies or companies masking themselves as individuals for the purpose of illegally receiving money transfer flows into those accounts for onward disbursements to recipients in Nigeria.
This came on the day the naira sustained its downswing on the parallel market as it fell to a record low of N412 to the dollar, as against the N408 to the dollar it closed the previous day.
To curb this international fund transfer, the CBN in a circular titled: Illegal International Money Remittances Through the Banking System, dated August 25, 2016, and signed by its Acting Director, Trade and Exchange Department, Mr. W.D. Gotring, directed banks to identify and freeze such accounts receiving illicit flows with immediate effects.
The banks were also directed to submit the mandate and account details of these accounts held in naira or foreign currency to it for onward reporting to the security agencies.
CBN Moves Against Illegal International Fund Transfer | THISDAYLIVE
This APC regime happen to be the most clueless government of the CENTURY.
I said it at the beginning of this regime that its ONLY the poor masses which will mostly bear the brunt that i pity.
If not tell me how can you control what you don't have :confused:
It's crystal clear to the world the FG don't have FOREX to defend the NAIRA then why not allow it free float and found it real value instead of all the unnecessary restrictions that holds no water.
Which only creates PANIC that keep chasing the foreign investors far-away and adds more detriments to the economy.
With this latest development dollar is bound to hit N1000 soonest.
Even the tesera ones i have I'm not remitting again since they are looking for funds to seize and make up their budget.