Domiciliary accounts deposits can only be withdrawn in cash, not transferable – CBN

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Domiciliary accounts deposits can only be withdrawn in cash, not transferable – CBN
Domiciliary accounts deposits can only be withdrawn in cash, not transferable – CBN

The Central Bank of Nigeria (CBN) has said deposits made into domiciliary accounts can only be withdrawn in cash and not transferable offshore.

The apex bank which stated this in a tweet, noted that cash deposits made into domiciliary accounts can only be withdrawn as cash over the counter and not transferred out of the domiciliary account.

“Only transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash,” the bank said.

The bank, however clarified that, contrary to speculations, it has not prohibited the acceptance of foreign currency by deposit money banks.

The bank’s Director, Corporate Communications Department, Isaac Okorafor who made the clarification in a chat with journalists in Abuja said, “the Bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.”

He 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into Domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

Okorafor encouraged stakeholders and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.

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Author: abokimallamfx