Money market

Customers can now transfer foreign currency — Banks

cbn gov

Deposit Money Banks in the country are now allowing customers to transfer foreign currency cash deposits made into their domiciliary accounts.

The announcement from the banks started coming in four days after the Central Bank of Nigeria lifted the ban on foreign currency deposits.

The CBN had on Monday said holders of ordinary domiciliary accounts were allowed to deposit foreign currencies into their accounts, a move that ended a six-month embargo on the DMBs from receiving cash deposits from the customers.

The Head, Media and External Relations, FirstBank of Nigeria, Mr. Babatunde Lasaki, confirmed to our correspondent on Saturday, “Banks can do transfer now. We sent messages to some of our customers yesterday (Friday).”

The message sent to customers read in part, “Please be informed of the following: Customers can make foreign currency cash deposits into their FirstBank domiciliary accounts without restrictions.

In an emailed statement sent to customers on Saturday, Guaranty Trust Bank, also said, “We are pleased to inform you that you can now transfer foreign currency cash deposits made into your GTBank domiciliary account(s) via internet banking, mobile app or at any of our branches nationwide, subject to a daily cumulative limit of $10,000.”

Similarly, Sterling Bank, in an email to customers on Friday night, said, “We are pleased to inform you that effective Monday, January 18, 2016 you will be able to transfer cash deposits from your foreign currency domiciliary accounts, up to a maximum of $10,000 per transaction. Kindly visit any of our branches to submit your request as applicable.”

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