The Central Bank of Nigeria (CBN) Sunday clarified issues surrounding the operations of domiciliary accounts in Nigeria.
Making the clarification in a chat with journalists in Abuja, Director of Corporate Communications Department of the CBN, Mr Issac Okorafor, said “the bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”
He said “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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”
He urged stakeholders and other interested parties to always seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.
