CBN Further Clarifies Operation Of Domiciliary Accounts, Says Cash Deposits Can Be Wired

SAN FRANCISCO, February 24, (THEWILL) – The Central Bank of Nigeria, CBN, has made further clarifications on how domiciliary accounts held by customers in commercial banks be operated following the misinterpretation of its directive weekend.

The regulator in a memo dated February 24, 2020, to banks signed by Dr. S.O. Nnaji, Director, Trade and Exchange Department, said cash deposits not exceeding $10, 000 or its equivalent can be transferred electronically.

The CBN further directed banks to note that all provisions of its foreign exchange manual are still effective and unchanged.

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“… All ordinary domiciliary account holders can utilize cash deposits not exceeding $10, 000 or its equivalent by telegraphic transfers to fund eligible transactions,” the CBN memo said.