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Tuesday, June 18, 2024

Zenith Bank Memo Reviews Use of FX Inflows into Domiciliary Accounts

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Zenith Bank has released a memo outlining how customers should utilize the inflows of foreign currency into their domiciliary accounts.

The memo seen by MoneyCentral was dated September 18, 2020 and addressed to the Correspondent Banking/ FX Trading / FX Transfer divisions within the bank.

According to the Memo, Non oil export proceeds can only be : used by the beneficiary to repay dollar term loans, for trade transactions for Letters of Credit, Bills and Form A or sold to Banks.

Oil export proceeds by Exploration and Production Companies should be, sold to the CBN, used to pay contractors, repay dollar loans, for trade transactions for Letters of Credit, Bills and Form A.

Customers will have unfettered access to Offshore FX inflows to a limit of $50,000 per month, while FX cash lodgments over the counter should be done by only the account holders.

While Zenith claims the rules are in response to guidelines as contained in the CBN’s forex manual, we are sure that quite a lot of its customers will not be happy with these new restriction on their dollar accounts.

Click to Read Full memo below :

Zenith Bank internal Memo


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