Nigerians and other bank customers willing to deposit foreign currency in Nigerian banks can do so freely as there are no restrictions on such transactions.
This clarification is coming from the Central Bank of Nigeria, CBN as it says the it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.
Also read: NIRSAL Microfinance Bank gets new MD, Directors
The Bank’s Director, Corporate Communications, Isaac Okorafor who said this in Abuja further 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into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.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 therefore urged key players and other interested parties to always endeavour to seek clarification on issues and avoid speculative tendencies which are detrimental to the financial system.
