CBN Speaks On Domiciliary Accounts Deposits Ban

The Central Bank of Nigeria (CBN) has denied media reports that it has prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.

Concise News reports that the apex bank made this known in a statement on Sunday by its Director, Corporate Communications, Isaac Okorafor.

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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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 that were detrimental to the financial system.