BY MARY KUYE
Customers can deposit a dollar into their domiciliary accounts but are not allowed to transfer it to another party, the Central Bank of Nigeria (CBN) on Sunday has said
CBN, Corporate Communications Director, Isaac Okorafor in a statement said the apex bank had not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).
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“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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also,” Okorafor explained.
He said people should always endeavour to seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.
