Last Updated on February 2, 2021 by Ope Quadri
Until September 24, 2020, GTBank domiciliary account was the best in Nigeria, there is no gainsaying about that.
But that seems to have changed following the present withdrawal issue being faced by dom account holders with the bank, they can neither make a transfer to another account or withdraw.
Information we got from operators of GT Bank Dom Account indicates that the issue has been resolved.
How the trouble started
Popularly called FX account, GTBank allowed domiciliary account holders to receive and make payments in foreign currencies: US dollar, Pounds Sterling, and Euros. It’s meant to facilitate international transactions for individuals.
Trouble started following the announcement by the Central Bank of Nigeria (CBN) that forex cash lodgements into domiciliary accounts can only be done by the account owners.
The apex bank in a report said the new guidelines are necessary to review the utilisation of inflows into customers domiciliary accounts.
“Forex inflows cannot be credited to customers until the legitimacy of funds is established,” TheCable quoted a memo from the apex bank as saying.
Who is most affected?
Before the new guidelines by the CBN, webmasters, bloggers who majorly rely on revenues from Google Adsense use GTBank Domiciliary Account because it’s adjudged the best and friendliest in terms withdrawal charges and accessibility.
Not just that, there are also hundreds of Nigerians who offer digital services online and receive payment in their GTBank FX account.
There are also a good number of Nigerians who shop for goods on online stores which they sell back home are some of the people most affected by GTBank Domiciliary Account withdrawal glitch.
Some of the bloggers who spoke to InfomediaNG said GTB has disappointed them.
“The source of inflow of dollars into my account can be verified, so I don’t know why GTB would lock my account. I’m aware I’m not the only one affected by the issue, but there should be formal communication on the time frame to resolve the issue,” a blogger who said he depended on the monthly Adsense revenue stated.
Another blogger, Joseph Odunayo berated GTB for taking such a decision without any formal message to its customers.
“If GTB can no longer manage FX accounts, they should release the funds already in their custody. They have several options of either buying the foreign currencies from their customers or allow holders to transfer or withdraw them,” Odunayo said.
“Forex inflows cannot be credited to customers until the legitimacy of funds is established,”
Is GTBank alone?
Research shows that dom account holders in at the Zenith, Access, and First banks are not affected by the problem.
For instance, Access Bank buys foreign currencies from the customers by crediting such account in Naira.
Why is CBN focusing on FX?
Nigeria’s apex bank has been implementing various policies in recent time, a move to conserve forex after the economy was hit by double shocks caused by the COVID-19 pandemic and lowered oil prices.
The Naira has lost its value against major currencies globally. For instance, it’s $1/379, $1/N380 at buy and sell at the official CBN rate, but it’s $1/N460/N467 buy and sell respectively at the FX black market rate.
In one of its statements, CBN said its new policies would suppress FX black marketers and speculators from putting pressure on the Naira.
CBN also said it is investigating some gaming companies for alleged forex infractions. But that hasn’t changed par say.
GTBank Speaks On Domiciliary Account Issue
When contacted on September 25, 2020, the bank said it’s aware of the problem and promised to resolve the issue as quickly as possible.
“We apologize for the inconvenience experienced. We are aware of this anomaly and it is currently being worked on. Please be informed that all transactions will be processed as soon the issue is resolved,” GTB said.
How long would it take GTBank customers to have access to their Domiciliary Accounts?
The bank wasn’t specific, it rather toed customer-relation path saying, “Kindly avail us little time as all transactions will be processed as soon the issue is resolved. Thanks for your patience.”
We’ll keep you updated when the issue is resolved.