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FX Restrictions: Nigerians Call For CBN Governor Godwin Emefiele’s Resignation

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The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has incurred the wrath of some Nigerians, who demanded his sack, over new foreign exchange restrictions imposed on bank customers.

Under the new restrictions, majority of bank customers with domicilliary accounts are virtually barred from effecting direct FX transfers to third parties and/or withdrawing their own dollars over the counter.

An internal memo of one of the nation’s leading commercial banks dated September 18 which was sighted by the The Herald conveyed the new restrictions.

In the memo, third party transfers were “strictly prohibited” for internal account to account FX transfers.

Also, foreign exchange cash lodgment over the counter could be done by only account holders, who can have “unfettered access by telegraphic transfer up to a limit of $40,000 monthly for payment of medical bills, school fees, subscription to professiona bodies, etc, subject to existing CBN guidelines”.

For offshore FX inflows, customers could have unfettered access to no more than $50,000 monthly “upon confirmation of the legitimacy of the inflows”.

The Founder of financial advisory portal, The Money Africa, Oluwatosin Olaseinde, took to Twitter to lament the new restrictions on Tuesday afternoon.

She wrote, “We have just been informed that customers can no longer effect FX transfers directly to third parties. Customers can only sell such funds to the bank. Consequently, FX transfers will be disabled on internet banking.”

A journalist, David Hundeyin, also took to Twitter to lampoon the new restrictions.

Sharing a copy of the memo, he wrote:

He further recounted a 2019 incident in which a FX inflow to his domiciliary account from the US pitched him against his bank.

Hundeyin wrote:

This newspaper recalls that the CBN on August 24 issued a circular removing buying agents/companies or any third parties from accessing its inter-bank retail Secondary Market Intervention Sales (SMIS) forex window through FORM M forex purchases.

In the circular, the apex bank instructed that Authorised dealers are hereby directed to desist from opening of Form M whose payment are routed through a buying company/agent or any other third parties”.

The CBN hinged its decision on the need to  ensure prudent use of our foreign exchange resources and eliminate incidences of over invoicing, transfer pricing, double handling charges, and avoidable costs that are ultimately passed to the average Nigerian consumers”.

Reacting to, many Nigerians berated the CBN for constraining customer’s use of their hard-earned resources.

Read comments monitored on Twitter:

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