CBN removes limits on domiciliary account deposit, withdrawal

CBN removes limits on domiciliary account deposit, withdrawal

Owners of domiciliary accounts are now free to deposit or withdraw any amount from their accounts without any hinderance.

This came on Sunday as the Central Bank of Nigeria (CBN) removed the limits earlier placed on the withdrawal and deposit into domiciliary accounts.

The apex bank said this in a statement issued after a meeting with the bankers’ committee on Sunday.
The meeting was held to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market.

It said in a statement by its Director of Corporate Communications, Dr Isa Abdulmumin, “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.”

It added, “These policy changes aim to promote transparency, liquidity and price discovery in the Foreign Exchange (FX) market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.”