The Central Bank of Nigeria (CBN) has begun examining complaints that some commercial banks are restricting customers’ access to funds in domiciliary accounts, amid growing concerns over the treatment of legitimate foreign-currency transactions.
The development places renewed attention on banks’ handling of customers’ foreign-currency assets, with the apex bank expected to ensure that account holders are able to make legitimate withdrawals and access foreign exchange in line with applicable regulations.
According to a Vanguard report, the CBN’s intervention followed restrictions allegedly imposed by some banks on customers, with the regulator seeking to ensure that legitimate withdrawal requests from domiciliary accounts are honoured.
The banking-sector development comes against the backdrop of other major issues dominating the national conversation, including a fresh ultimatum from the National Association of Resident Doctors (NARD).
NARD has given the Federal Government two weeks to address outstanding welfare and professional concerns affecting its members, warning that failure to resolve the issues could lead to industrial action.
Meanwhile, President Bola Tinubu is expected to return to Nigeria on Tuesday after spending about four weeks on a working vacation in Europe. His return is expected to precede activities marking Nigeria’s 66th Independence anniversary in Lagos.
The President’s prolonged absence has also continued to attract political and legal scrutiny, with opposition figures and lawyers questioning the circumstances surrounding his stay outside the country and raising constitutional concerns.
On the political front, divisions are emerging within the ruling All Progressives Congress (APC) over the political realignment being promoted by Minister of the Federal Capital Territory, Nyesom Wike.
Several APC state chapters have reportedly rejected the Rainbow Coalition associated with Wike, with party leaders insisting that the former Rivers State governor should formally identify with the APC if he intends to support President Tinubu’s bid for another term.
At the same time, the APC is intensifying its preparations for the 2027 elections, with increased campaign activities targeting President Tinubu, governors and other candidates contesting under the party’s platform.
The developments collectively point to a busy political and economic landscape, with regulatory attention on access to foreign-currency deposits coinciding with renewed labour pressure and an accelerating realignment of political forces ahead of the 2027 elections.
