Thursday, April 18, 2024

CBN Lifts Cash Deposit Restriction On Domiciliary Accounts

The Central Bank of Nigeria (CBN) at an extraordinary Bankers’ Committee meeting announced the removal of cash deposit limitations on domiciliary accounts, granting account holders the liberty to withdraw up to $10,000 per day.

This development marks a significant shift in the nation’s monetary policy, allowing individuals greater flexibility in managing their funds held in domiciliary accounts.

The CBN made this disclosure in a press statement on Sunday, after deliberating at an extraordinary Bankers’ Committee meeting.

The new directive provides further guidance to banks on the operational changes to the foreign exchange market.

The bank had announced the unification of all segments of the Nigerian Forex market earlier in the week, collapsing all windows into the Investors & Exporters (I&E) window.

According to the press statement signed by the CBN’s director of the banking supervision department, Haruna Mustafa, the meeting was held to discuss the implementation and implications of the policy changes for the banking public.

These policy changes aim to promote 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,” the bank said.

Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.

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