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How to Open Dollar Accounts for Foreign Remittances is how C.B.N. Orders: Commercial banks open Dollar accounts for foreign remittances –Are you an intending or existing foreign investor to Nigeria? Are you one of our own in Diaspora? This is an opportunity for you to remit money to Nigeria. This account opening will go a long way in enhancing transfers for foreign direct investments and home-base savings for those living abroad.

This is how C.B.N. Orders Commercial banks to open Dollar accounts for foreign remittances

In fact, it will interest you to read through this article for the detailed instructions and procedures given towards making this a reality. This article aims at enhancing your willingness to bring foreign currency into Nigeria to promote your business and enhance th national economic growth.  We know that most patriotic Nigerians abroad will grab this opportunity fast fast. My dear, you need to finish that building you started in your village. Just read on.

Entrepreneurial News:

For us on this website, this is very interesting. You know why? This move will promote entrepreneurship in Nigeria. So, get what we offer you on this page and act immediately.

Every new or existing business needs assistance. We know you will need out assistance on the following;

  • generate a profitable business idea for start-up or for expansion,
  • manage its accounting and tax matters,
  • source for fund,
  • apply for AGSMEIS loan,
  • ask for training for the AGSMEIS and other loans

As a matter of fact, the Central Bank of Nigeria (CBN) has ordered commercial banks to open a new dollar account with offshore lenders to receive foreign money transfers. The CBN orders banks to open a dollar account for remittances.

WorldRemit- and Foreign Money Transfer Operators (IMTO) player

As a matter of fact, this Directive is made available to its customers by a WorldRemit- and Foreign Money Transfer Operators (IMTO) player. This is two months after the CBN raised the alarm that its policy mandating IMTOs to pay diaspora remittance beneficiaries in dollars is being flouted. This is  the latest Dollar Account Opening Directive. The regulator further directed that all mobile money operators disable wallets from receipt of funds from IMTOs following suspected abuse of policy guidelines by the IMTOs.

Furthermore, according to CBN Governor Godwin Emefiele, data on IMTO inflows into the country over the past year have been analyzed.  And, investigations  shows that some IMTOs have resorted to arbitration arrangements on the naira-dollar exchange rate rather than competing to improve transaction volumes with more efficient ways for Nigerians in the Diaspora to remit funds.

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In addition, this, to an outsized extent, resulted during a significant drop by flows into the country. Emefiele discouraged the utilization of unsafe unofficial channels, which also supported diversion of remittance flows meant for Nigeria, thereby undermining Nigeria’s exchange management framework.
In its response to the new policy, WorldRemit, said it welcomed the CBN announcement that each one Nigerian banks are going to be mandated to facilitate money transfers by automatically opening US Dollar bank accounts for those that don’t currently have US Dollar bank accounts.

“This development is to ensure that each one international money transfers are going to be successfully processed albeit senders enter everyNaira account details for transactions.

How to Open Dollar Accounts for Foreign Remittances

How to Open Dollar Accounts for Foreign Remittances:


“Further to the present announcement, the CBN also stated that a $2,000 withdrawal limit will apply to those accounts,” it said.

Furthermore. Country Manager, Nigeria and Ghana, at WorldRemit, Gbenga Okejimi, said – “We re very happy by the CBN’s decision  mandating Nigerian banks to assist citizens who don’t have a USD account by automatically providing this facility on their behalf. In fact, this development will make all the difference to those that receive support from family and friends.

The Dollar At Home:

Don’t just keep your dollars idle at home. You know your uncle. He will mismanage it. Invest them. Check out how to go about it on any of the topics below. We can help.

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