CBN explains operation of domiciliary accounts in Nigeria

The Central Bank of Nigeria (CBN) has addressed and clarified the prohibition of foreign currency cash deposits by Deposit Money Banks (DMBs).

Issac Okorafor, CBN’s Director, Corporate Communications Department, speaking to reporters in Abuja clarified issues surrounding the operations of domiciliary accounts in Nigeria.

According to Okorafor, “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

He noted that “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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

In conclusion, Okorafor urged stakeholders and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.

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Last updated: April 9, 2020 - 1:39 am (+01:00)
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Muhammad A. Aliyu

Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior editor at Okay Nigeria.
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