Nigeria bans foreign currency cash deposits

godwin-emefiele
Nigeria governor Godwin Emefiele

Nigerian banks will no longer accept foreign currency cash deposits after the central bank banned the practice on August 5 – ostensibly to help prevent "illicit financial flows" in the banking system.

Account holders will still be able to withdraw any foreign currency deposited before the announcement, but in future will have to use wire transfers when moving cash from abroad.

Last week the central bank raised concerns over the amount of illicit funds passing through its system, potentially some

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