CBN lifts withdrawal limits on domiciliary accounts

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

In a statement titled “CBN issues further guidance on operational changes to foreign exchange market,” the Apex bank said the new regulation allows account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

“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 (Deposit Money Banks) 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.”

PR/Punch/Hauwa Abu