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CBN bars banks from accepting forex cash deposits

The Central Bank of Nigeria(CBN) on wednesday formally prohibited Deposit Money Banks (DMBs) from accepting foreign currency cash deposits into customers’ domiciliary accounts.

In a circular posted on its website last night, the apex bank said it fully supported banks that had already stopped accepting foreign currency cash deposits into customers’ domiciliary accounts, describing the move as a “welcome development”.

According to the circular, which was signed by the Director, Trade and Exchange Department, Mr. Olakanmi Gbadamosi;“In its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the antimoney 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.”

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Written by Online Editor

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