Good News, Dollar Deposit, CBN lifts Ban

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Commercial Banks in nigeria are now allowing customers to transfer foreign currency cash deposits made into their domiciliary accounts.

According to the PUNCH, The CBN had on Monday said holders of ordinary domiciliary accounts were allowed to deposit foreign currencies into their accounts, a move that ended a six-month embargo on the DMBs from receiving cash deposits from the customers.

The Head, Media and External Relations, FirstBank of Nigeria, Mr. Babatunde Lasaki, confirmed on Saturday that, “Banks can do transfer now. We sent messages to some of our customers yesterday (Friday).”

These are the messages some commercial banks sent to their customers. Guaranty Trust Bank said  “We are pleased to inform you that you can now transfer foreign currency cash deposits made into your GTBank domiciliary account(s) via internet banking, mobile app or at any of our branches nationwide, subject to a daily cumulative limit of $10,000.” 

An email from sterling bank also state that “We are pleased to inform you that effective Monday, January 18, 2016 you will be able to transfer cash deposits from your foreign currency domiciliary accounts, up to a maximum of $10,000 per transaction. Kindly visit any of our branches to submit your request as applicable.”

It was last year August 5, 2015 that CBN banned the payment of cash into domiciliary accounts in a bid to stop illicit financial flows in the Nigerian banking system.