We stopped domiciliary accounts to halt currency substitution – CBN

The Central Bank of Nigeria, (CBN) yesterday said it stopped further deposits into Domiciliary Accounts because people were taking advantage of the platform to indulge in currency substitution, which no country would allow.

The apex bank also explained that the embargo on domiciliary account does not mean that people monies will be frozen, adding that those with such accounts can make withdrawals, but will not be allowed to make deposits because of the series of abuses and violations noticed by the CBN.

The Economic and Financial Crimes Commission, (EFCC) an agency charged with the responsibility of investigating and prosecuting those engaged in financial crimes was surprisingly absent at the international workshop which drew participants from across the Economic Community of West African States, (ECOWAS) to brainstorm on the possible ways of curing the menace.

Governor, CBN Mr Godwin Emefiele made this known at the opening of a four-day regional workshop on Money Laundering and Terrorist Financing Risk Assessment for Financial Institutions organised by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in Abuja where he delivered a keynote address.