News

CBN Lifts Restrictions On Domiciliary Accounts

A domiciliary account holder can make a daily transfer not exceeding $10,000 or its equivalent.

CBN has lifted restrictions on domiciliary accounts in Nigeria.

Glamtush reports that holders of domiciliary accounts now have unfettered access to operation such accounts, following the Central Bank of Nigeria (CBN)’s decision to lift restrictions after Emefile’s suspension and arrest.

As a result of this action taken at an extraordinary Bankers’ Committee meeting on Friday, deposits into and withdrawals from the foreign currency accounts are open.

A domiciliary account holder can make a daily transfer not exceeding $10,000 or its equivalent.

The banks are to provide returns to the CBN, including the “purpose” for such transactions.

“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 USD$ 10,000 per day or its equivalent via telegraphic transfer,” the CBN said in a statement by its Director of Corporate Communications, Dr Isa Abdulmumin.

The statement explained that: “These policy changes aim to promote transparency, liquidity and price discovery in the Foreign Exchange (FX) market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.”

Other changes introduced in the Forex market by the CBN are that “cash deposits into domiciliary accounts will not be restricted, subject to banks’ conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations”.

 

The CBN has also decided that it “will prioritise orderly settlement of any committed FX forward transactions as they fall due in order to boost market confidence further.”

On foreign exchange for visible and invisible transactions(medicals, school fees, BTA/PTA, airline and other remittances) , the CBN decided that they ”will now be eligible for the Investors’ and Exporters’ (I & E) window.

 

As a result of this, banks have been told to “ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.”

The CBN also resolved to “normalise its Cash Reserve Ratio (CRR) maintenance processes and ensure equity in its implementation across the banking industry. ”

The apex bank added that it would issue further guidance as it implements the ongoing reforms in collaboration with stakeholders.

 

GLAMTUSH

Recent Posts

BBNaija Season 10: 14 Male Housemates Unveiled After Previous Female Reveal

BBNaija Season 10 has unveiled 14 male housemates after the previous female reveal on Saturday.…

8 hours ago

Star Life: Sacred Love Teasers August 2025

Star Life’s series, Sacred Love teasers August 2025, has been highly anticipated by fans and lovers…

21 hours ago

WAFCON: Ajibade, Nnadozie Win Best Player, Goalkeeper Awards

Ajibade and Nnadozie won the best player and goalkeeper awards at the just concluded WAFCON…

23 hours ago

Meet The 15 Female Housemates Of BBNaija Season 10

Meet the 15 female housemates of BBNaija Season 10, who will bring their vibes to…

1 day ago

UPDATED: Super Falcons Lift 10th WAFCON Trophy

The Super Falcons have lifted their 10th WAFCON trophy.   Glamtush reports that the Super Falcons…

1 day ago

BBNaija S10: 15 Beautiful Female Housemates Enter Into Biggies House

On the first day of the BBNaija S10 double launch, 15 beautiful female housemates entered…

1 day ago