Introduction of RT200 FX has improved export remittances significantly – CBN
Godwin Emefiele, CBN governor


A member of the House of Representatives, Ibrahim Babajide Obanikoro, has asked the Central Bank of Nigeria (CBN) to shut down domiciliary accounts bearing foreign currencies to regulate the continuous fall of the naira.

Mr Obanikoro, currently serving the Eti-Osa Federal Constituency of Lagos State, made this suggestion on Tuesday on Twitter.

He wrote: “I am not the CBN Governor but at this moment, I’m of the opinion that CBN should mandate that all dorm accounts be closed for the next 12 months. Let’s see the effect on the naira.

“After all, you can’t go to any of the Western world and open a foreign currency account.”

His advice, which has generated outrage on social media, comes amid continued collapse of naira.

The local currency plunged further to N580 to the dollar this week, a record low, in the parallel market, from N575 last week.

The fall got worse in July when Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country indefinitely.

A finance expert, Kalu Aja @FinPlanKaluAja1, has however, warned that shutting down people’s domiciliary accounts will trigger economic depression.

“If Dom accounts are shut down, the Nigerian economy will go into a deep depression, not recession, depression,” he warned.

“The CBN has came out forcefully and denied any plans for the private saving of foreign currency.

“Will you also ask CBN to ban the wearing of gold?”



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