CBN Clarifies Position On Operation Of Domiciliary Accounts


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

Making the clarification in a statement yesterday, director, corporate communications at the apex bank, Issac Okorafor stated that “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

He further explained that “Electronic fund transfers into Domiciliary accounts can also be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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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