CBN sets rules for domiciliary account
In a statement, CBN, Corporate Communications Director, Isaac Okorafor, said the apex bank had not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks .
Analyzing the state of the economy and foreign exchange market, a member of the CBN-led Monetary Policy Committee, Prof. Adeola Adenikinju, had expressed fears over inflation persistence, the continuous decline in foreign reserves, the liquidity surfeit in the economy, the negative current account balance, the poor state of the fiscal sector, fall in prices of financial assets, and the bearish outlook for the oil sector.
However, capital importation in December 2019, went largely into the purchase of shares, finance, banking and trading. The non- financial sectors of the economy attracted only insignificant share of total capital imports. The fiscal side continues to pose significant challenge in my view. “The fall in interest rates across financial market instruments is suggestive of liquidity surfeit in the system. The CBN policy to increase lending to the real sector is a good policy to boost the supply side of the economy and relax constraints to domestic food and agricultural supply. This policy is in order and CBN should maintain it.
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