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CBN lifts restriction on $10k deposit for domiciliary account holders

By Kingsley Okoro

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.

In the past few days, Nigeria’s foreign exchange (FX) market has witnessed significant events following the implementation of reforms aimed at repositioning the country’s economy.

On June 14, the regulator announced the unification of all segments of Nigeria’s FX market, and the floating of the local currency.

The policy effectively collapsed all FX windows into the investors and exporters (I&E) window, the CBN said.

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