In a bid to prevent the incessant drop of the Naira and stop illicit financial flows in the Nigerian banking system, bank customers with US dollars or any foreign currency will no longer be able to pay cash into their domiciliary accounts.
This is because the Central Bank of Nigeria (CBN) has proscribed the acceptance of foreign cash deposits by commercials banks operating in the country.
The policy became effective yesterday in a circular addressed to all authorised dealers and the general public.
Prior to the CBN circular, banks in the country had been rejecting foreign currency deposits from their domiciliary account holders since last week.
To this end, the CBN said it considered the recent statement by banks concerning the large volume of foreign currencies in their vaults and their decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development.
“Therefore, in its continued effort to stop illicit financial flows in the Nigerian banking system which aligns with the anti-money laundering stance of the federal government, the CBN prohibits from the date of this circular, the acceptance of foreign currency cash deposits by banks,” it added.
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