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CBN says no plan to convert Domiciliary Accounts Deposit to Naira

By BusinessNews Staff on February 28, 2015

The Central Bank of Nigeria (CBN) on Thursday refuted the news making the rounds that it is planning to convert Nigerian bank customers’ foreign currency domiciliary account deposits (US dollars or British pounds sterling) into the naira.

The Director, Corporate Communications, CBN, Mr. Ibrahim Mu’azu, who said this in a statement last night insisted that the rumour was untrue.
He said: “The CBN wishes to refute this rumour in the strongest possible terms.
This story is categorically and completely untrue and has no basis whatsoever in the Bank’s pronouncements or plans. The CBN has never contemplated such an action and has no intention to do so.

“For the avoidance of doubt, the CBN would like to reiterate that customers who operate domiciliary accounts as well as the general public should disregard this fictitious rumour, and go about their normal businesses. There is no intention at all to tamper with the FOREIGN EXCHANGE currencies in the accounts of customers in our banks.”

Meanwhile, the CBN on Thursday advised all deposit money banks (DMBs) in the country to put in place necessary systems in their branches and to also sensitise their staff members on the federal government’s electronic revenue collection scheme (e-collection).

The central bank also urged banks to ensure the internet banking platforms at their braches have been configured for use by revenue payers, to make transfers to the federal government’s e-collection account seamless.

These directives were contained in a circular to all deposit money banks titled: “commencement of federal government’s independent revenue e-collection scheme under the treasury single accounts (TSA) initiative,” dated February 25, 2015.

The document posted on the CBN’s website was signed by its Director, Banking and Payment System Department, Mr. ‘Dipo Fatokun.

It explained that further to an earlier letter dated 28th January, 2015, on the commencement of the independent revenue e-collection scheme, the latest circular was to remind all banks that, the scheme has commend.

The federal government’s independent revenue e-collection initiative would automate revenue collections of ministries, departments and agencies (MDAs) directly into the federal government’s consolidated revenue fund (CRF) account at the CBN, through the Remita e-collection platform and other electronic payment channels.

“As previously communicated, your bank branches are required to have been set-up and sensitised, and your internet banking platform configured for use by revenue payers, to make transfers to the federal government e-collection account in your bank, which will be swept by you to the CRF, as previously agreed between the CBN, the Office of Accountant General of the Federation (OAGF) and DMBs,” it added.

It reiterated that the OAGF had issued a treasury circular to all MDAs to close existing revenue accounts in DMBs not later than February 28, 2015 and transfer available funds to the CRF. To this end, the central bank advised all DMBs are to ensure full compliance.

[ThisDay]

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