SUN, FEB 23 2020-theG&BJournal- The Central Bank of Nigeria (CBN) says it has not prohibited acceptance of foreign currency cash deposits by deposit money banks (DMBs), dismissing the suggestions that it has reversed the policy as ‘’rumours.’’
‘’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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash,’’ the CBN said Saturday.
The CBN, in August 2015, prohibited the acceptance of foreign currency cash deposits by deposit money banks on the grounds that they had too much foreign currency in their vaults and as a measure to stop illicit financial flows into the Nigerian banking system which aligned with the anti-money laundering stance of the federal government then.
The ban was lifted in January 2016 and made allowance for banks to transfer foreign currency in customers’ domiciliary accounts to their local and international business partners ‘’subject to a daily cumulative limit of $10,000. The CBN reversed itself, because the currency substitution by customers which made it enforce the law in the first place had been taken care of.
The policy has stayed in place since then.
‘’Rumours to the contrary are false,’’ the CBN said
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