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Reason Why Nigerian Banks Are Rejecting Dollar Deposits – FCMB

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According to the Group Managing Director, First City Monument Bank Plc (FCMB), Ladi Balogun, commercial banks are not collecting cash deposits in dollars in order to discourage naira speculation.

“Banks no longer accept dollar cash due to large speculation on the currency. However, commercial lenders will continue to receive dollar transfers from other banks. His comments were confirmed by another Nigerian lender, which asked not to be identified,” he said in a Reuters conference.

“We are constrained due to the current influx of foreign exchange cash deposits we have been receiving in recent times, and the lack of available foreign exchange cash outlets, to stop receiving foreign exchange cash deposits”.

Also, Standard Chartered Bank has told its customers it would no longer accept foreign exchange deposits in cash due to an unprecedented influx of cash deposits by customers.

The bank said it would stop receiving forex cash deposits from August 11, “until the situation improves.”

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