Deposit Money Banks not prohibited from accepting foreign currency cash deposits – CBN

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Amid uncertainties surrounding the operations of domiciliary accounts in the country, the Central Bank of Nigeria (CBN), declared on Sunday that it had not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).

CBN Director, Corporate Communications, Issac Okorafor, made the  position of the apex bank known during a chat with journalists in Abuja.fx

Okorafor spoke against the backdrop of what he described misrepresentation of facts and uncertainties about domiciliary accounts and their operations in the country.

According to the CBN spokesman, only electronic fund transfers into Domiciliary accounts could also be transferred from such accounts while cash deposits into such accounts could as well allow to be withdrawn in cash also.

He advised stakeholders and other interested parties in banking sector to always endeavour to seek clarification on issues, pointing out that rumours and speculative tendencies were detrimental to the financial system

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