CBN Explains Domiciliary Accounts’ Operations

BY EDMOND ODOK, ABUJA – The Central Bank of Nigeria (CBN) has officially cleared the air on issues surrounding the operations of domiciliary accounts in Nigeria.

A statement issued in Abuja on Monday said; “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).”

The CBN’s Director, Corporate Communications Department, Isaac Okorafor, who addressed journalists on the issue, 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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

He therefore urged stakeholders and other interested parties to always seek clarifications on issues while avoiding speculative tendencies that are detrimental to the nation’s financial system