CBN clarifies operation of domiciliary accounts

The Central Bank of Nigeria (CBN) has formally clarified issues surrounding the operations of domiciliary accounts in Nigeria.

Making the clarification in a chat with newsmen in Abuja, the Bank’s Director, Corporate Communications Department, Issac Okorafor stated that “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

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He further explained 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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

Okorafor therefore 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.