CBN Issues Clarification on the Operations of Ordinary Domiciliary Accounts


Tuesday, February 25, 2020  09:45 AM / Circular by CBN/ Header Image Credit:  CBN


Following different interpretations of operations of domiciliary accounts, it has become imperative to clarify the operations of domiciliary accounts as contained in the Central Bank of Nigeria Foreign Exchange Manual Memorandum 25 provisions under reference.


For the avoidance of doubt, all provisions of the Central Bank of Nigeria  Foreign Exchange Manual has not changed and remains in effect.


Consequently, all ordinary domiciliary account holders can utilize cash deposits not exceeding USD10,000.00 or its equivalent by telegraphic transfers to fund eligible transactions.


As a result, all deposit money banks are advised to desist from misguiding their customers.


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