The Central Bank of Nigeria (CBN) after deliberations held in the Banker’s Committee meeting on Friday June 16, 2023, announced the elimination of cash deposit caps for domiciliary (dollar) accounts stating that account holders may withdraw up to $10,000 each day.
In a statement made to Channel’s Television, CBN revised its policy on the domiciliary accounts based on the announcement of new guidelines on the forex market as at Wednesday June 14. As issued by the Director of Financial Markets, Angela Sere-Ejembi, there will be a unification of all segments of the forex market.
This took effect immediately and now allows for large transactions to happen daily. This is why after the Banker’s Committee meeting on Friday, CBN unanimously decided to remove the restriction on domiciliary accounts.
“Holders of domiciliary accounts are allowed to make cash deposits up to $10,000 USD each day, or telegraphic transfers of an equivalent amount. The CBN shall receive returns from DMBs that include information on the “purpose” of such transactions and other data,” the statement said.
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