The Central Bank of Nigeria (CBN) apparently realised the implications of it’s decision not to allow bank customers’ online transfers from cash deposit into domiciliary accounts has reversed it’s new decision.
In a circular titled CLARIFICATIONS ON OPERATIONS OF DOMICILIARY ACCOUNTS dated February 24, 2020 and addressed to all banks. The CBN noted that it’s policy on foreign exchange has not changed and “Consequently, all ordinary domiciliary account holders can utilize cash deposits not exceeding USD10,000 or it’s equivalent by telegraphic transfers to fund eligible transaction”. See circular below
The circular signed by CBN’s director of Trade and Exchange Department, Dr. O. S. Nnaji, also advised all deposit money banks to desist from misguiding their customers.
But the message on the Apex banks twitter page that had a contradictory message since 22 February 2020 is yet to be changes as at this morning. See message below.
We urge the Apex bank correct/update the message on their Social Media page so the public can be rightfully informed.