In a circular released on Wednesday and signed by the Director of Trade and Exchange, CBN, Olakanmi Gbadamosi, the central bank said its action followed recent statements by individual banks suspending the payment of foreign currencies into domiciliary accounts.
Gbadamosi wrote, “The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development.
