2015-08-05 | TED/FEM/FPC/GEN/01/015

Developments in the Foreign Exchange Market, Re: Cash Deposit into Domiciliary Accounts

The Central Bank of Nigeria has issued a circular to all authorized dealers and the general public, prohibiting Deposit Money Banks from accepting foreign currency cash deposits into customers' domiciliary accounts. This measure aims to stop illicit financial flows in the Nigerian banking system and aligns with the federal government's anti-money laundering stance. The CBN advises individuals seeking foreign currency for legitimate purposes to use recognized channels and the appropriate forms for "invisible" and "visible" transactions.

Nigeria

Central Bank of Nigeria

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