Dollarisation: Banks Peg Domiciliary Account Balance At $10,000

In an apparent move to check the trending dollarisation of the Nigerian economy and cut down huge dollar liquidity in the system, banks are now directing their customers to keep to a maximum of $10,000 balance in their domiciliary accounts.

A bank customer told BusinessDay on Monday that following the directive of his bank, last week, he has withdrawn $2,000 which was the excess on the $10,000 he had in his account before that directive came.

The customer said he received the following text from his bank- “…Dear customer, be advised that you cannot keep more than $10,000 balance in your domiciliary account, otherwise, the excess would be subjected to 10% charge weekly.”