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Home Business News

U-turn: CBN clarifies order on domiciliary account transfers

Abiola OdutolabyAbiola Odutola
3 years ago
in Business News
CBN advocates for Made-in-Nigeria goods, CBN injects 18 million Chinese Yuan for importers , CBN domiciliary account

Isaac Okorafor, Director of Communications, CBN

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The Central Bank of Nigeria (CBN) cleared the air on the order it gave to Deposit Money Banks (DMB) on transactions carried out through domiciliary accounts in the country. The development was cleared in a letter issued by the apex bank and seen by Nairametrics.

The letter, which was signed by CBN’s Director, Trade and Exchange Department, Dr Ozoemena Nnaji, cautioned the DMBs against misleading their customers on transactions carried out through domiciliary accounts in the country.

It read, “Following different interpretations of operations of domiciliary accounts. It has become imperative to clarify the operations of domiciliary accounts as contained in the CBN Foreign Exchange Manual Memorandum 25 provisions under reference.

“For the avoidance of doubt, all provisions of the CBN Foreign Exchange Manual has not changed and remains in effect.

“Consequently, all ordinary domiciliary account holders can utilise cash deposits not exceeding $10,000 or its equivalent by telegraphic transfers to fund eligible transactions.

“As a result, all deposits money banks are advised to desist from misguiding their customers. Please ensure strict compliance.”

[READ ALSO: CBN Cashless Policy: Emiefele regrets decision, insists on the policy]

Meanwhile, Nairametrics had reported, on Sunday, that the CBN stated that only cash deposit into domiciliary account can be withdrawn over the counter and not through electronic transfer.

The apex bank disclosed in a tweet, stating that deposits made through electronic transfers into domiciliary accounts can only be transferred but cannot be withdrawn as cash over the counter.

The CBN added that cash deposits also made into domiciliary accounts can only be withdrawn as cash over the counter and not transferred out of the domiciliary account.

The Director, Corporate Communications, CBN, Isaac Okorafor, had clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria.

[READ ALSO: PwC is being dragged into Isabel dos Santos fraud case]

He said, “The bank has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.

“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, therefore, urged stakeholders and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which were detrimental to the financial system

Related

Tags: Central Bank of NigeriaDeposit Money BanksDomiciliary account transfersIsaac OkoraforOzoemena Nnaji

Comments 5

  1. Olu says:
    February 25, 2020 at 12:14 pm

    I’m more confused about the policy after reading this article. Are cash deposits paid over the counter into domiciliary accounts eligible for electronic transfers or not?

    Reply
    • Stanley says:
      February 25, 2020 at 2:06 pm

      From my understanding, cash deposits can’t be transferred electronically. Hence, am also trying to decipher what the ‘correction’ is all about.

      Reply
  2. Eniola says:
    February 25, 2020 at 7:09 pm

    This is confusing, what is the landing or clarification about the operation of domiciliary accounts in the country.
    It still unclear, seems you just reported about the varying statements made about operating domiciliary accounts

    Reply
  3. Ekpang Bisong says:
    February 26, 2020 at 5:42 am

    Not very smart. What’s wrong with just listing out the guidelines. It’s simple policy guys, we are Nat in a law court.

    Reply
  4. Anonymous says:
    February 27, 2020 at 11:36 am

    $10,000 cash can be deposit and transfer for genuine transaction. This policy still hold till date.

    Reply

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