Domiciliary account in nigeria news

Here are some recent news articles and updates on domiciliary accounts in Nigeria:

What is a Domiciliary Account?

A domiciliary account is a type of bank account that allows individuals to hold and manage foreign currencies, such as US dollars, pounds, euros, and others, in Nigeria. It is a popular option for individuals who receive foreign income, make international transactions, or have foreign investments.

Recent News and Updates:

  1. CBN Introduces New Guidelines for Domiciliary Accounts: The Central Bank of Nigeria (CBN) has introduced new guidelines for domiciliary accounts, aimed at promoting the use of the naira and reducing the reliance on foreign currencies. The guidelines require banks to maintain a minimum balance of N500,000 in domiciliary accounts and to charge a minimum of 1% interest on balances below N1 million. (Source: Punch)
  2. Domiciliary Account Holders to Pay Higher Charges: The CBN has announced that domiciliary account holders will pay higher charges for transactions, effective from January 2023. The new charges will range from 0.5% to 1.5% of the transaction value, depending on the type of transaction. (Source: ThisDay)
  3. Banks to Offer Domiciliary Accounts with Lower Minimum Balance: Some banks in Nigeria have announced plans to offer domiciliary accounts with lower minimum balances, in a bid to attract more customers. For example, First Bank of Nigeria has introduced a new domiciliary account with a minimum balance of N200,000. (Source: Vanguard)
  4. Domiciliary Account Holders to Enjoy Higher Interest Rates: Some banks in Nigeria have announced plans to offer higher interest rates on domiciliary accounts, in a bid to attract more customers. For example, Zenith Bank has announced a new interest rate of 2.5% per annum on its domiciliary accounts. (Source: BusinessDay)
  5. CBN Warns Against Illegal Domiciliary Account Operations: The CBN has warned against illegal operations of domiciliary accounts, including the use of fake domiciliary accounts and the conversion of naira to foreign currencies without authorization. The CBN has also warned against the use of domiciliary accounts for money laundering and other illegal activities. (Source: Leadership)

Conclusion:

Domiciliary accounts are an important financial tool for individuals in Nigeria who receive foreign income or make international transactions. While there have been some changes to the guidelines and regulations surrounding domiciliary accounts, they remain a popular option for individuals looking to manage their foreign currency transactions. It is important for individuals to stay informed about the latest developments and regulations surrounding domiciliary accounts to ensure compliance and avoid any potential penalties or fines.