The Central Bank of Nigeria (CBN) says cash deposits into domiciliary accounts will no longer be restricted.
In its guidance to Deposit Money Banks (DMBs) after a meeting with the bankers’ committee on Sunday, the apex bank determined to allow all visible and invisible transactions to be eligible for the Investors’ and Exporters’ window,
granting unrestricted access to funds in ordinary domiciliary accounts, and permitting cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer.
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According to the CBN, the policy change is intended to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.
Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN including the purpose for such transactions.
The CBN said it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users.
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