Business Central bank clarifies position on operation of domiciliary accounts

Central bank clarifies position on operation of domiciliary accounts

-

- Advertisment -

Central bank clarifies position on operation of domiciliary accounts

The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).

The CBN Director, Corporate Communications, Mr Issac Okorafor made the clarification while speaking to newsmen in Abuja on Sunday.

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 explained 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accounts could also be transferred from such accounts while cash deposits into such accounts could as well allow to be withdrawn in cash also.

He said the clarification was necessary due to misrepresentation of facts and uncertainties surrounding the operations of domiciliary accounts in the country.

Okorafor therefore urged stakeholders and other interested parties in banking sector to always endeavour to seek clarification on issues.

According to him, rumours and speculative tendencies are detrimental to the financial system.

Central bank clarifies position on operation of domiciliary accounts
Parrot Nigeria
An online news aggregator

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Sanusi tests negative for COVID-19, bars visitors

The former Emir of Kano, Sanusi Lamido, and his wives have tested negative for coronavirus which has killed many...

Aliko Dangote passes coronavirus test

Dangote Group President, Aliko Dangote, tested negative for COVID-19. Dangote disclosed this via his verified Twitter handle on Sunday. He tweeted,...

Tackling the Myths around COVID-19

Some recent events in Nigeria have gladdened and saddened me in equal measure. I was glad when prominent Nigerians...

Senator Ben Murray-Bruce’s wife, Evelyn Murray-Bruce, laid to rest (Photos)

Senator Ben Murray-Bruce’s wife, Evelyn Murray-Bruce has been laid to rest. This is coming a week after the former Senatorannounced...

Cat tests positive for coronavirus

A cat in Belgian has tested positive for the coronavirus after it was infected by its owner. The sick pet...

Buhari to make nationwide broadcast tonight

        President Muhammadu Buhari will broadcast to the nation on Sunday evening, his spokesman has said. The broadcast, scheduled for 7pm,...

TRENDING

BREAKING: Explosion destroys buildings, roads in Ondo

        Many buildings were destroyed by an explosion which occurred...
- Advertisement -

You might also likeRELATED
Recommended to you