CBN dismisses reports of nonacceptance of foreign currency cash deposits by DMBs

February 22, 2020
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The Central Bank of Nigeria (CBN) has described as false the report that it has prohibited the acceptance of foreign currency deposits by DMBs.

The apex bank via a statement issued on Twitter pointed out that “only transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash”.

The statement reads: “The CBN has not prohibited acceptance of foreign currency cash deposits by DMBs. Rumours to the contrary are false.

“Only transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash.

“The CBN has not prohibited acceptance of foreign currency cash deposits by DMBs”.

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