Banks have resumed letting customers deposit money into their domiciliary accounts. This follows the CBN’s lifting of the ban on foreign currency deposits last Monday. The ban had been in effect for six months reportedly to stem illicit money transfers.
Guaranty Trust Bank notified its customers yesterday by email, “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.”
Analysts say the CBN should discuss with the banks about what they’ll do with the cash deposits in their vaults. It’s believed that lifting the ban will help the naira in the parallel market and restore a free flow of funds in the market.
Kunle Ezun, a currency strategist at Ecobank, told Punch, “With what they have done now, it is now a win-win situation. The banks will be happy to do business. Then again it 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.”
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