CBN clarifies operation of Domiciliary Accounts

The Central Bank of Nigeria has formally clarified issues surrounding the operations of domiciliary accounts in Nigeria.
The clarification was made in a chat with newsmen in Abuja by the Bank’s Director, Corporate Communications Department, Issac Okorafor.
Okorafor stated: “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into Domiciliary accounts can be transferred from such accounts, while cash deposits into such accounts can only be withdrawn in cash also.”
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.