CBN Removes Savings, Withdrawal Limits On Domiciliary Accounts | READ DETAILS
The Central Bank of Nigeria (CBN) has lifted the savings and withdrawal limits placed on domiciliary accounts.
In a statement by the CBN on Sunday, the new regulation allowed account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.
The statement titled ‘CBN issues further guidance on operational changes to foreign exchange market’; read in part;
“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 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.”
