CBN clarifies operation of domiciliary accounts

Posted by News Express | 24 February 2020 | 2,207 times

Gmail icon

•CBN Director, Corporate Communications, Isaac Okorafor

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 on Sunday in Abuja, the Bank’s Director, Corporate Communications Department, Isaac 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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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.

Source: News Express

Readers Comments

0 comment(s)

No comments yet. Be the first to post comment.

You may also like...