FG Set To Ban Nigerian Bankers From Having Foreign Domiciliary Accounts

A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. You can use a domiciliary account to transfer money to another country or receive foreign currency from another country.

The House of Representatives is considering barring staff members of banks and other financial institutions from operating accounts outside the shores of Nigeria.

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Their spouses and children may also be mandated to declare their assets when a bill presently at the House becomes law.

This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’, which is awaiting second reading.