CBN Restricts Withdrawal Of Foreign Currency Deposits
The Central Bank of Nigeria (CBN) has restricted withdrawal of cash from electronic transfer deposits made into domiciliary accounts.
The bank disclosed this through the Director, Corporate Communications Department, Issac Okorafor in Abuja.
According to Okorafor only electronic fund transfers into Domiciliary accounts can be transferred while cash deposits into such accounts can only be withdrawn in cash.
He however stressed that the bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks(DMB).
Recall that there were speculations that the financial regulator banned the acceptance of foreign currency as cash deposits in DMBs.