CBN Clarifies Position on Domiciliary Accounts

• CBN Clarifies Position on Domiciliary Accounts

The Central Bank of Nigeria (CBN) has refuted a widely published report that it had banned the acceptance of foreign currencies as cash deposits in banks across the country.

In a statement published on Sunday, Isaac Okorafor, the Director, Corporate Communications, CBN, clarified the apex bank position regarding the operations of domiciliary accounts in the country.

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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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, however, advised stakeholders to seek clarity on key issues that could hurt the financial system as investors and businesses interested in the nation may withdraw, knowing they can’t deposit foreign currencies as previously reported.