CBN Clarifies Position On Domiciliary Accounts CBN Clarifies Position On Domiciliary Accounts
The Central Bank of Nigeria (CBN) has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs), the CBN Director,... CBN Clarifies Position On Domiciliary Accounts

The Central Bank of Nigeria (CBN) has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs), the CBN Director, Corporate Communications, Mr Issac Okorafor, clarified on Sunday.

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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash.

Okorafor urged stakeholders and other interested parties in banking sector to always seek clarification on issues.

According to him, rumours and speculative tendencies are detrimental to the financial system.

 

National Waves

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