After the unification of foreign exchange by Central Bank of Nigeria, there was an expectations that the CBN will remove the limitation placed on domiciliary accounts.
In May 2021 that banks had started placing new limits on transfers that domiciliary accounts holders could make from cash lodgments.
Unrestricted Access
Now, the Central Bank of Nigeria has removed the limits placed on domiciliary accounts.
In a statement by the CBN on Sunday, June 18, the new regulation allowed account holders to deposit freely.
Also they have unrestricted access to funds in accounts and they can make up to $10,000 withdrawals daily.
“CBN issues further guidance on operational changes to foreign exchange market.
“Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.
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“Domiciliary account holders are permitted to utilise cash deposits not exceeding $10,000 per day or its equivalence 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 regulation,” the statement reads.
