BREAKING: CBN Lifts Ban on Cash Deposit of Dollars, Others

By Hamisu Muhammad

Commercial banks in Nigeria can now accept deposit in foreign currency once again after the Central Bank of Nigeria (CBN) lifted the ban.

CBN governor Godwin Emefiele announced this on Monday in Abuja saying the lift of the forex restriction was to allow the banks build liquidity in forex and meet some of their demands.

He said the ban was necessitated by what he called dollarization of the economy by many Nigerians.