No ban on domiciliary account deposits, CBN clarifies

The Central Bank of Nigeria has said that it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.

In a statement on Sunday, the Director, Corporate Communications, CBN, Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria.

He said, “The bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

“Only electronic fund transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

Okorafor therefore urged stakeholders and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which were detrimental to the financial system.