Tag Archives: Foreign currency Deposit ban in Nigeria

Foreign Currency Cash Deposits in Nigeria banks temporary suspended

Central Bank of Nigeria, CBN has ban Deposits into Domiciliary Accounts

According to paper signed by Olakanmi Gbadamosi, the director of trade and exchange;

 ‘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.

 The CBN hereby prohibits from the date of this circular the acceptance of foreign currency cash deposits by DMBs in its continued efforts to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money Laundering stance of the Federal Government.
 Foreign currency cash lodgements made prior to the date of this circular, the account holder has the option to either withdraw his or her foreign currency cash or the Naira equivalent.

 Only wire transfers to and from Domiciliary Accounts 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’.

So, what do all these imply?

1. No Nigeria bank accepts foreign currency or what?
2. You can’t withdraw foreign currency in Nigeria. Is this one true also. Ok, don’t worry in my next post, I will show you ‘How to withdraw foreign currency in Nigeria’