The Central Bank of Nigeria (CBN) has formally clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria.
Making the clarification in a chat with newsmen in Abuja, Director, Corporate Communications, Isaac Okorafor, stated that “the bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”
Specifically, he said that cash deposits cannot be transferred. The only money that can be transferred from that domiciliary account is the amount that came into the account also by transfer.
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The portion of the funds paid in by cash must be withdrawn also by cash and can not be transferred.
He said: “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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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.