CBN Clarifies on Operation of Domiciliary Accounts

Oru Leonard

The Central Bank of Nigeria (CBN) has formally clarified issues surrounding the operations of domiciliary accounts in Nigeria.

In a statement made available to News Dot Africa, the Bank’s Director, Corporate Communications Department, Issac Okorafor made the clarification at Abuja stating 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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”