Do you know that restrictions placed on domiciliary accounts were recently removed by the Central Bank of Nigeria (CBN)?
The CBN on June 18, issued a new directive to Deposit Money Banks (DMBs) regarding the functioning of domiciliary bank accounts within Nigeria.
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Domiciliary account is designed to enable the holder to carry out local or international transactions from anywhere.
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Commercial banks like Access, Zenith, and Guaranty Trust, among others are expected to implement this new directives of the CBN
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Listed below are the new CBN’s new directives to banks regarding domiciliary accounts
- Ordinary domiciliary account holders shall have unrestricted access to funds in their accounts.
- Domiciliary account holders can utilise cash deposits of up to USD $10,000 per day or an equivalent amount via telegraphic transfer.
- Deposit Money Banks (DMBs) must provide returns to the CBN, including the purpose of such transactions.
- Cash deposits into domiciliary accounts are not restricted, but DMBs must adhere to proper Know Your Customer (KYC) procedures, exercise due diligence, and comply with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) laws and regulations.
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