For a better experience please change your browser to CHROME, FIREFOX, OPERA or Internet Explorer.
We have not placed Ban on Domiciliary Account Deposit – CBN

We have not placed Ban on Domiciliary Account Deposit – CBN

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

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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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 endeavor to seek clarification on issues and avoid speculative tendencies which were detrimental to the financial system.

leave your comment

Your email address will not be published. Required fields are marked *

Top Android
Android
rts