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Home Markets Currencies

House of Reps member calls for closure of domiciliary accounts to save naira

William Ukpe by William Ukpe
September 29, 2021
in Currencies, Spotlight
House of Reps member calls for closure of domiciliary accounts to save naira
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A House of Reps member, Ibrahim Obanikoro,  representing Eti-Osa Federal Constituency, Lagos State, has called on the Central Bank of Nigeria to close all domiciliary accounts for the next 12 months to ease the slide of the naira.

Obanikoro stated this in an online statement on Tuesday evening, adding that he has come up with a bill that will serve the common good.

He also noted that after all Nigerians cannot go to foreign countries that regulate the foreign currencies in Nigerian domiciliary accounts and “open a foreign currency account.”

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What the lawmaker said

Obanikoro said, “I am not the CBN Governor but at this moment, I’m of the opinion that CBN should mandate that all dom 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 worlds and open a foreign currency account.”

The lawmaker’s opinions on naira policies were met with condemnations as a social media with the handle @adekunleth said: “You occupy a federal public office. This means that there are certain expectations of you, including a reasonable degree of knowledge of public matters or at least the dignity to carefully research before sharing. Seriously.

What you should know

The Central Bank of Nigeria has implemented a number of policies to stem the slide of the naira, including restricting accounts of security trading fintech and most recently accusing currency update website, AbokiFX of contributing to the slide of the naira, which forced the website to suspend the daily updates.

In June, the Lagos Chamber of Commerce and Industry (LCCI) stated that CBN’s deficit financing, which has increased significantly, is highly inflationary due to its profound effect on money supply growth.

Tags: CBNCentral Bank of Nigeriadomiciliary accountsIbrahim B Obanikoro
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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Comments 6

  1. notdumbsheep says:
    September 29, 2021 at 1:47 pm

    this is probably stupidest idea so far…where are you getting these guys? who is voting for them?

    Reply
  2. Maihula says:
    September 29, 2021 at 4:26 pm

    This is very good move by the law maker, we should protect the value of our naira what is the essence of having Dom account enriching other economies with their money printing games

    Reply
  3. Tolu says:
    September 29, 2021 at 4:54 pm

    I am so ashamed of this blockhead masquerading as a politician. i am surprised he got his degree in us.

    Reply
  4. lao says:
    September 30, 2021 at 12:00 pm

    We need leaders who are not sensational to issues, I run a manufacturing MSME, I depend on china for parts of my equipment, I also need a domiciliary account to be able to effectively make payments no stories. CBN doesn’t have any official forex window for MSME neither do the commercial banks, so if this lawmakers proposition is implemented my business and many other MSMEs are just a breakdown from the dissolution of our business. What data did this lawmaker consult to come up with this idea? in his constituency how many businesses directly or indirectly depend on forex for materials, parts, and machinery to survive? He most likely doesn’t know the answers to these questions, yet he wants to disolve dom accounts.

    Reply
  5. Ian Sunderland says:
    October 2, 2021 at 6:57 am

    Hey hey.
    Who is this economic illiterate of a lawmaker?

    Reply
  6. Ali Dadaa says:
    October 2, 2021 at 7:08 pm

    You must be a BIG fool for this statement, you want the bank to close all domiciliary accounts so that you can use the 12 months to convert all the money you have stolen to dollars and become one of the biggest criminals as your fathers right? God punish you for trying to punish the people you are supposed to serve.

    Reply

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