The Central Bank of Nigeria (CBN) on Sunday formally clarified issues surrounding the operations of domiciliary accounts in Nigeria.
Making the clarification in a chat with newsmen in Abuja, Director, Corporate Communications Department, Issac Okorafor, said “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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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 speculations that are detrimental to the financial system stability.