Nigeria Punches Online Banking As Dorm Accounts Get Restrictions

Nigeria Punches Online Banking As Dorm Accounts Get Restrictions

One week, one issue and another one is coming on March 20, 2021. Yes, “This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents,” says a bank circular.

What does that mean? You need documentation to use money in your dorm account. Indeed, the government is looking at how to keep that dollar in Nigeria as it fights the battle to protect Nigeria and Naira. 

The circular below…

“This is to inform you that instant completion for international transfers on our digital platforms will cease from March 20, 2021. All international third-party transfers initiated on any of our digital channels will be completed at the back office after receipt of relevant supporting documents. Kindly ensure you send relevant supporting documents for your international transfers immediately transaction is initiated online to……….

“Samples of supporting documents to be provided for international transfers to third parties are;

  • Invoices
  • Bills
  • Demand Notes, etc

“For Medical, insurance, school fees, subscriptions and other similar invisible payments. For transparency and in line with CBN eligibility requirement, purpose of payment must be clearly indicated for all international transfers in the narration section provided.

“Please note that for control purposes, all payments initiated without the relevant supporting documents being sent to the above noted email will be rejected after the existing currency cut-off time (EURO- 1.30PM, GBP & Others- 2.30PM and USD- 3.30 PM) same day.” source: Nairametrics

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7 thoughts on “Nigeria Punches Online Banking As Dorm Accounts Get Restrictions

  1. And the micromanagement of stillbirth giant called Nigeria continues…

    Can the CBN also stop selling dollars to Aboki? Since dollar has become a rare commodity here, we should be able to know who’s holding what amount each day, so as to ensure that no one spends a dollar carelessly!

    Some months back, Oil was trading below forty dollars, and the cry was dollar scarcity and reserve depletion, now Oil is hovering around seventy dollars, yet it does appear that Nigeria is even in more desperate situation; who did this thing to us?

    We are now officially confused on what to do with Nigeria, yet we are bent on digging to enter deeper inside the ground, since it’s already known that we have been on the ground since.

    Hope it won’t get to when you will be instructed to go to Aso Rock and book a meeting, if you apply to withdraw two thousand dollars here?

    This kind of pitiful austerity doesn’t fit a country as big as Nigeria, with vast human resources, the ultimate natural resources. Freedom is a natural right, not a legislated right, and our monetary policy micromanagement is gradually reaching where it begins to threaten freedom.

    This dance won’t end well, the DJ needs to stop the beat immediately, let’s catch some breath.

    Reply
  2. I cannot understand what policies CBN put across to us. Their export last quarter were great. The oil is selling well and yet they are more or less very confused with foreign and naira. Yet no other authority has challenged the CBN governor on the policies. Its appalling

    Reply
  3. I cannot understand what policies CBN put across to us. Their export last quarter were great. The oil is selling well and yet they are more or less very confused with foreign and naira. Yet no other authority has challenged the CBN governor on the policies. Its appalling

    Reply
  4. The CBN pressed the panic button whenever they are directed to do so like puppets by their uninformed masters in AsoRock and possibly beyond not caring what impact their unguarded actions have on the people and Naira value. Nothing changes with positive effects for the economy. They bring out policies that they do not understand and capable of monitoring effectively while the banks that are supposed to carry out these policies in turn end up doing what they like by taking undue advantage of the unclear CBN directives to arbitrarily exploit their vulnerable customers and the general public.It is about time that the CBN is supervised/policed by a stronger, more independent financial Ombudsman to bring sanity to Nigeria’s financial system.

    Reply

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