Central Bank of Nigeria sets rules for domiciliary accounts

The Central Bank of Nigeria (CBN) on Sunday said customers can deposit dollar into their domiciliary accounts but are not allowed to transfer it to another party.

In a statement, CBN, Corporate Communications Director, Isaac Okorafor, said  the apex bank had not  prohibited the acceptance of foreign currency  cash deposits by Deposit Money Banks (DMBs).

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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.

He 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.

 

 

– The Nation

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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