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CBN Officially Prohibits Acceptance of Foreign Currency by Banks

The Central Bank of Nigeria published a public circular yesterday, Wednesday, August 5th, stating that all banks have been prohibited from accepting foreign cash deposits henceforth.

It stated, “The Central Bank hereby prohibits from the date of this circular the acceptance of foreign cash deposits by Deposit Money Banks.”

This was in line with the Banks’ mutual complaint against the large volumes of foreign currency in their vaults which has been deemed problematic.

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

However, Nigerians who want to source foreign currency cash for purposes like BTA, PTA medical purposes, mortgage, school fees, goods etc. can do so with the use of certain forms for visible and invisible transactions.

You can learn more about the country’s currency value situation by reading this similar post: Naira to Rise Further as Banks Reject Dollars.

 

Source: Central Bank of Nigeria

 

 

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Ify Halim is a Writer and media enthusiast based in Lagos. She enjoys writing self-help/inspirational articles with published work in UYD Magazine, Edufrica, Our Stories Inc. and The Keele Concourse. She currently works at ConnectNigeria.com, Nigeria’s Information Portal. Follow her on Twitter @MissHalim or visit her online space at ifyhalim.wordpress.com

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