CBN Clarifies on Operation of Domiciliary Accounts

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

Making the clarification in a chat with newsmen in abuja , Director, corporate communications, Issac Okorafor stated that “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

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Domiciliary accounts can be also be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”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

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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