GTB, UBA, Others Now Accept Foreign Currency Deposits into Dom Account


Guarantee Trust Bank (UBA) and United Bank for Africa (UBA) among other Nigerian commercial banks have resumed accepting foreign bank deposits into domiciliary accounts.

The banks now accept US dollars, Great British Pounds, and Euro.

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To this extent, individuals can now deposit up to $10,000 or its equivalent per month; and a cumulative monthly equivalent of $10,000 can be used on customers FCY card online, on POS or via ATM machines outside of Nigeria while up to $300 can be withdrawn daily on ATM machines.

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This resumption of service to start receiving foreign currency cash deposits again is in response to the Central Bank of Nigeria’s (CBN) directive issued on January 11, 2016, authorizing commercial banks in the country to resume acceptance of foreign currency cash deposits.

This took effect January 12, 2016.

Meanwhile as at Wednesday, January 13, 2016, the rate of the USD to the Naira is N300=$1.


About the Author

Charles I. Omedo
Charles is a writer, editor, and publisher. He has a degree in Mass Communication and a PGD in Digital Communication.

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