CBN Clarifies Operation Of Domiciliary Accounts
AMINA HUSSAINI, Abuja
The Central Bank of Nigeria, CBN says it has not prohibited the acceptance of foreign currency deposits into accounts at Deposit Money Banks (DMBs).
The CBN Director, Corporate Communications, Issac Okorafor made the clarification on Sunday while speaking to newsmen in Abuja.
A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. The account could be used to transfer money to another country or receive foreign currency from another country.
Okorafor said that: “only electronic fund transfers into Domiciliary accounts could also be
transferred from such accounts while cash deposits into such accounts could as well allow being withdrawn in cash also.
transferred from such accounts while cash deposits into such accounts could as well allow being withdrawn in cash also.
Okorafor added that the clarification was necessary due to misrepresentation of facts and
uncertainties surrounding the operations of domiciliary accounts in the country.
uncertainties surrounding the operations of domiciliary accounts in the country.
He, 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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