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Published On: Mon, Feb 24th, 2020

CBN clarifies on operation of Domiciliary Accounts

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By Etuka Sunday

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, Issac Okorafor stated 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Domiciliary accounts can be also be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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.

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