By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigerian Banks Reject Deposits of Dollars Into Domiciliary Accounts
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

Nigerian Banks Reject Deposits of Dollars Into Domiciliary Accounts

Farouk Mohammed
By Farouk Mohammed
Published: July 31, 2015
Share
2 Min Read
SHARE

dollars-n-nigeria-naira-cash

Major commercial banks in the country have stopped accepting deposits of Dollar into domiciliary accounts.

Reports say the banks have too much dollars in their vaults and are looking for ways to offload the currency.

The banks, reportedly led by Stanbic IBTC, approached the CBN to offload the greenback but the apex bank wasn’t interested in buying.

- Advertisement -

“By the time CBN refused to wire the cash abroad, the banks led by Stanbic IBTC stopped accepting cash from their customers. Stanbic IBTC sent an email two days ago to its customers that it would not accept dollar deposits for the time being and this was followed by ten other banks,” a CBN official said.

According to a BDC operator, the reason the banks have too much cash is due to speculation and money laundering.

“A lot of people have been speculating against the naira and amassed so much cash. Then there are those who have been amassing dollars obtained illicitly and want to launder the money,

“So bank vaults are awash with dollars, largely driven by speculation and money laundering. The banks made it very clear that they want to get rid of the dollars in the system, so if you want to withdraw you can, but you cannot pay in dollars into your domiciliary account,” a BDC operator explained.

- Advertisement -

He said the situation was compounded by CBN’s insistence that BDCs obtain the Bank Verification Numbers (BVNs) of their customers before transacting any business with them.

The CBN about a fortnight ago also directed the BDCs to provide the BVN of all their directors before August 15, as failure may affect their continued participation in the forex market.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:DollarDomiciliary Accounts
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Microsoft Sacks 85% of its Workers in Nigerian Office Division
Next Article Dangote Refinery Receives $1bn Grant From United States Agency

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 3 weeks ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

BREAKING: President Tinubu Endorses Four Major Tax Reform Bills
News Top stories
Lagos State Government
Lagos State Government Refutes Peter Obi’s Allegation of Property Demolition, Orders Probe
News
Oyo State Governor Seyi Makinde Renames Polytechnic Ibadan in Honour of Late Dr. Omololu Olunloyo
News
BREAKING: President Tinubu Withholds Assent to NDLEA Bill Over Proceeds Clause
News
BREAKING: High Court in Lafia Sentences Timileyin Ajayi to Death for Killing Corps Member
News
- Advertisement -
Ad imageAd image

You May Also Like

PoliticsTop stories

Barau Jibrin Pledges Unwavering Support for President Tinubu on 2027 Election Decisions

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
News

Ogun State Chief Judge Urges Lawyers to Prioritize Human Rights Over Tradition

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Nigeria Police - file photo
Crime

Police Launch Manhunt After Female Farmer Found Dead in Ondo State

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 26, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?