February 28, 2024

CBN Lifts Restriction on $10k Deposit for Domiciliary Account Holders

CBN Lifts Restriction on $10k Deposit for Domiciliary Account Holders

 

The Central Bank of Nigeria (CBN) says cash deposits into domiciliary accounts will not be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”.

 

The bank spoke in a statement issued after a meeting with the bankers’ committee on Sunday.

 

The meeting was meant to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market and to discuss the implementation and implications of the policy changes for the banking public.

 

The new directive nullifies the transaction limit that banks placed on domiciliary accounts in 2021, in compliance with regulatory instructions from the CBN.

 

The bank added that the cash reserve ratio (CRR) will maintain its processes while ensuring equity in its implementation across the banking industry.

 

The CBN also assured the banking public that it remains committed to “ensuring a stable and efficient FX market that meets the needs of all legitimate users”.

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