BREAKING: We have not stopped acceptance of foreign currency cash deposits by DMBs, CBN says

For descriptive purposes

The Central Bank of Nigeria has reacted to rumours saying that it has prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks.

According to a notice by the bank to the general public, the apex bank says foreign currency cash deposits have not stopped.

However, it noted that "transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash."

The CBN has not prohibited acceptance of foreign currency cash deposits by DMBs. Rumours to the contrary are false
— Central Bank of Nigeria (@cenbank) February 22, 2020

Only transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash
— Central Bank of Nigeria (@cenbank) February 22, 2020