CBN Prohibits Foreign Currency Cash Deposits into DMBs

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Thursday, August 06, 2015 12:44 AM / CBN

Cash Deposit into Domiciliary Accounts

The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks (DMBs) concerning the large volume of foreign currencies I  their vacults and the decision to stop accepting foreign currency cash into customers’ domiciliary accounts as a welcome development.

Therefore, in its continued efforts to stop illicit financial flows in the Nigeria banking system which aligns with anti-money Laundering stance of the Federal Government, the CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs.

For foreign currency cash lodgments made prior to the date of the circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent. For the avoidance of doubt, only wire transfers to and from Domiciliary Account are henceforth permissible.

The CBN advises individuals that wish to source foreign currency for eligible and legitimate purposes such as BTA, PTA medical, mortgage, school fees, goods etc. to do so through recognized channels with the use of Form ‘A’ for “invisible” and Form ‘M’ for “visible” transactions.

Please ensure strict compliance.



OLAKANMI I. GBADAMOSI
DIRECTOR
TRADE & EXCHANGE DEPARTMENT

 

 

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