Home Business CBN Orders MDA’s, Customs, NNPC, Others to Shut Revenue Accounts

CBN Orders MDA’s, Customs, NNPC, Others to Shut Revenue Accounts


• Says no plan to scrap domiciliary accounts’

The Central Bank of Nigeria [CBN] ordered Ministries, Departments and Agencies to close all their revenue accounts in deposit money banks latest 28th February.

Those affected are NNPC,Nigerian Customs Service, Code of Conduct Bureau, EFCC, Code of Conduct Tribunals, Federal Ministry of Aviation and Federal Civil service commission. Others are Federal Inland Revenue Service, Federal Road Safety Commission, Independent National Electoral Commission, Federal Ministry of Defence, National Population Commission, National Salaries Incomes and Wages Commission, Nigerian Investment Promotion Council, Nigeria Police Force and others.

This was contained in a circular from the Director, Banking and Payment System,CBN Mr. Dipo Fatokun, According to the circular sent to DMBs, the order followed the commencement of the Federal Government’s Independent Revenue e-Collection scheme.

Fatokun explained that the banks’ branches by now are expected to have been setup and sensitised, and their internet banking platform configured for use by revenue payers. This he said would make it possible for the banks to make transfers to the federal Government e-Collection accounts,which will be transferred to the Consolidated Revenue Funds [CRF] as agreed between the CBN, Office of the Accountant General of the Federation.

The Apex bank also dispel the malicious rumour going around that CBN is planning to convert the Foreign Currency Domiciliary Account Deposits [US Dollars or British Pounds Sterling] of customers in Nigeria into Naira.

This was refuted by CBN through the Director, Corporate Communications, Ibrahim Mu’azu in a press release last week.

According to the Release, the CBN wishes to refute this rumour in the strongest possible terms, the story is categorically and completely untrue and has no basis whatsoever in the Bank’s pronouncement or plans.The CBN has never contemplated such an action and has no intention to do so.

He also stated that for the avoidance of doubt, the CBN would like to reiterate that customers who operate domiciliary accounts as well as the general public should disregard this fictitious rumour, and go about their normal businesses. There is no intention at all to tamper with the Foreign Exchange Currencies in the accounts of customers in our banks.



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