The Central Bank of Nigeria has cautioned Deposit Money Banks against misguiding their customers on transactions carried out through domiciliary accounts.
The apex bank gave the warning in a letter dated February 24, 2020, and signed by the bank’s Director, Trade and Exchange Department, Dr. Ozoemena Nnaji. The letter was addressed to all banks operating in the country.
The letter reads: “Following different interpretations of operations of domiciliary accounts. It has become imperative to clarify the operations of domiciliary accounts as contained in the CBN Foreign Exchange Manual Memorandum 25 provisions under reference.
“For the avoidance of doubt, all provisions of the CBN Foreign Exchange Manual has not changed and remains in effect.
“Consequently, all ordinary domiciliary account holders can utilise cash deposits not exceeding $10,000 or its equivalent by telegraphic transfers to fund eligible transactions.
“As a result, all deposits money banks are advised to desist from misguiding their customers. Please ensure strict compliance.”