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CBN Lifts Limits on Domiciliary Accounts

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The Central Bank of Nigeria has lifted the limits placed on domiciliary accounts.

Account holders are now allowed to deposit freely, have unrestricted access to funds in accounts, and withdraw up to $10,000 daily.

This is according to a statement released Sunday by the CBN.

“Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts,” the statement pointed out.

“Domiciliary account holders are permitted to utilize cash deposits not exceeding 10,000 dollars per day or its equivalent via telegraphic transfer.

The CBN also noted that Nigerians are now allowed to freely access the Investors and Exporters Window.

“All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window,” it said.

“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.

The newly released guideline is meant to boost market confidence and promote transparency, liquidity, and price discovery in the foreign exchange market, according to the CBN’s Director of Corporate Communications, Isa AbdulMumin.

It was put out after deliberations at an extraordinary Bankers’ Committee meeting held on Friday 16 June.


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