The Central Bank of Nigeria has been received commendations for its policy which places certain restrictions on the operation of Domiciliary Accounts by its owners. Domicilliary accounts are operated in foreign currencies by the owners.
A lecturer in the Department of Economics in the University of Port Harcourt, Doctor PETER MEDEE said the policy would help in the fight against corruption and terror financing.
MEDEE, who doubles as the President of KAGOTE Worldwide, told correspondent CHINEDU IWUNNA that the dollarization of the Nigerian Economy has delayed the implementation of some monetary policies of the apex bank.
PETER MEDEE also dismissed claims that the policy invades on the rights of individuals to spend money, adding that the Dollar is not a legal tender in Nigeria.
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