In this post, I will be showing you what to do to bypass CBN restriction on receiving dollar to local accounts.
About CBN Restriction on Receiving Dollar to Local Accounts
The Central Bank of Nigeria (CBN) in a new move to boost dollar supply into the economy, has introduced new rules on remittance.
The set of new regulations would prevent sending foreign currency to local accounts. In other words, Nigerians operating local accounts to receiving foreign payments to their local accounts.
For example, the old order to receive foreign currency to local accounts with the bank crediting the receiver an equivalence of the amount sent in naira. Going by the new regulations, this is no longer possible and banks have been reaching out to their customers to inform them about the new development.
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The new policy was announced by CBN Director of Trade and Exchange Department, Dr O Nnaji. In his words, he said the new rules were to liberalize, simplify and improve the receipt and administration of diaspora remittances into Nigeria. Besides, it is part of the effort to ensure the stability of the foreign exchange market.
How to Bypass CBN Restriction on Receiving Dollar to Local Accounts
Since this move by CBN basically is to boost dollar supply into the economy and local circulation of dollar notes is not disallowed, you should consider opening a dollar domiciliary account. This way, you can easily get your transfers sent to your domiciliary account and receive the money in foreign currency.
Interestingly, some of my recent works have covered guidelines to open a domiciliary account. Besides, you can also get information on how to send and receive money to a domiciliary account in Nigeria.
More on Domiciliary Accounts
Not long ago, there was also a restriction placed on domiciliary accounts. These limits foreign cash withdrawal from domiciliary accounts restricted to money paid into such accounts by direct cash deposits. That is to say, you can only withdraw by cash if you have received through a direct deposit.
Further, foreign cash sent by transfers can only be sent out from the receivers account as transfers, and strictly no withdrawal! These regulations and more can be found in the Guidelines on International Money Transfer Services in Nigeria release on the CBN website.
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