No person should operate a domiciliary account in Nigeria: Tope Fasua

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An economist and former Abundant Nigeria Renewal Party (ANRP) presidential candidate in the 2019 general election, Tope Fasua, has spoken out against opening a domiciliary account in Nigeria for one person, calling it abnormal.

Speaking on a Channels Television Saturday breakfast show, he said only corporate organizations involved in international trade should be allowed to operate a bedroom account.

As people who need foreign currency to carry out any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of the dollars they require instead of giving them cash.

According to him, this would limit the demand for FX and strengthen Naira in the foreign exchange market segments.

Mr. Fasua made these presentations while reacting to the Central Bank of Nigeria’s (CBN) decision to redesign the N200, N500 and N1,000 notes.

“Personal sleep accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to have bedroom accounts because they have a reason to do so,” said the renowned analyst in the program monitored by trade publication.

“When I traveled abroad recently, GTBank loaded my card with dollars, and when I need to spend where I go, I just use my card,” he added, emphasizing that, “if you are an exporter, you have export earnings coming. in, you can have a bedroom account.

“If you are an importer and you need to pay your client from time to time, you can have a dormitory account as a company, but if each Tom, Dick and Harry can speculate against their own currency, they will never get it out of there. seizures.”

According to him, “the ease with which people move against their currency in this country is too much; It shouldn’t be that easy.”

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