CBN (clarifies position on operation of domiciliary accounts)

The Central Bank of Nigeria (CBN) has stated that only cash deposit into domiciliary account can be withdrawn over the counter and not through electronic transfer. The apex bank disclosed in a tweet, stating that deposits made through electronic transfers into domiciliary accounts can only be transferred but cannot be withdrawn as cash over the counter. The CBN added that cash deposits also made into domiciliary accounts can only be withdrawn as cash over the counter and not transferred out of the domiciliary account. The…