Sep 30 (Lagos) - The CBN has directed that all customers of financial institutions shall operate their accounts within regulatory guidelines, which include:
All customers of financial institutions are expected to only use their accounts for their direct personal/company related transactions.
No customer of any financial institution is permitted to engage in any activity that could be perceived as providing international money transfer/remittance services i.e. transacting as an International Money Transfer Service Operator (IMTSO) or Bureau De Change (BDC) operator without the express approval of the CBN.
Any customer who fails to adhere to these guidelines runs the risk of being reported not only to the CBN but subsequently to security agencies.
Naira collapsed further today to 490 to 1 US Dollar and CBN's guidelines above are the latest form of entertainment and jokes in society as everyday people who use their bank accounts for salary transactions got emails from their banks warning them to use their bank accounts properly.
Meanwhile there are people who can buy Dollars from CBN at official rate and sell in parallel market to make a overnight profit. We wonder why the CBN cannot stop that from happening?
Also makes one wonder if there is another Central Bank in the world that issues such instructions to general public.
I use my bank account to receive salary how am I concerned with all these guidelines? My money in my bank account loses value everyday can the CBN do something about that?
Also these guidelines could push foreign investors away from Nigeria and even people in diaspora will be confused about sending money to Nigeria. Its amazing economics from CBN.
HAPPY INDEPENDENCE DAY....only am not so happy.
reporting for easykobo.com on Friday, Sep 30 2016 from Lagos, Nigeria