Customers Now Able to Transfer Foreign Currency- Banks

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Deposit Money Banks now allow customers to make transfers of foreign currency cash deposits made into their domiciliary accounts. This is coming four days after the CBN lifted embargo on foreign currency deposits.

 
It was gathered that most banks have started sending out messages to their customers with this regard. First bank in its message to their customers read thus " Please be informed of the following: Customers can make foreign currency cash deposits into their Firstbank domiciliary accounts without restrictions".
 
Guaranty Trust Bank in an emailed statement sent o customers on Saturday said "We are plased 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".
 
In a similar report by the 247nigeriannewsupdate, a currency strategist at Ecobank Nigeria, Mr Kunle Ezun said that that the CBN would need to come banks and provide a clearer view about what the banks would do about the cash deposits in their vaults. He said "With what they have done now, it is now a win-win situation. The banks will be happy to do business. Then again t allows the naira to have a sort of cushion. People can now do wire transfer to and from abroad. It will create a free flow of funds in the market".
 
We are hopeful that other banks that are yet to communicate to their customers will do so this week.


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