CBN Removes Saving, Withdrawal Limits On Domiciliary Accounts
The Central Bank of Nigeria (CBN) has lifted the limits put on domiciliary accounts.
In a statement issued by the CBN on Sunday, the new regulation enabled account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.
The statement was titled ‘CBN issues further guidance on operational changes to foreign exchange market’.
It partly read, “Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $ 10,000 per day or its equivalent via telegraphic transfer.
“DMBs shall provide returns to the CBN, including the ‘purpose’ for such transactions.
“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations.”
According to the CBN, the policy changes is targeted to promoting transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.
