No Restriction On Foreign Currency Cash Acceptance By Banks, CBN Clarifies

The Central Bank of Nigeria (CBN) has clarified that it has not restricted any commercial bank from accepting foreign currency cash deposits from depositors.

It’s clarification is against the backdrop of confusion 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.”

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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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.