CBN removes limits on Savings & Withdrawals from Domiciliary Account
The Central Bank of Nigeria has removed the limits placed on deposits and withdrawal from domiciliary accounts.
In a statement titled “CBN issues further guidance on operational changes to foreign exchange market” which was released by the Central Bank of Nigeria (CBN) on Sunday, CBN said the new regulation will allow account holders to deposit freely and have unrestricted access to funds in their domiciliary accounts.
Extracts from the statement;
“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. DMBs shall provide returns to the CBN, including the ‘purpose’ for such transactions.”
“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations.”
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