By Dayo Omoogun
The Central Bank of Nigeria (CBN) has formally clarified issues surrounding the operations of domiciliary accounts in Nigeria.
The clarification was made in Abuja by the bank’s Director of Corporate Communication Isaac Okoroafor while speaking with journalists.
Okoroafor stated that “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”
“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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also” he added.
He advised stakeholders to seek clarification where necessary rather than engaging in speculative tendencies which usually impacts the financial system negatively.