CBN eliminates the savings and withdrawal limits on domestic accounts | The Lafete Magazine

CBN eliminates the savings and withdrawal limits on domestic accounts

The restrictions on domestic accounts have been abolished by the Central Bank of Nigeria.

The CBN said in a statement on Sunday that the new rule gave account holders unlimited deposit options, unrestricted access to account money, and daily withdrawal limits of up to $10,000.

“CBN issues further guidance on operational changes to the foreign exchange market,” read the statement.

The statement partly read, “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.”

In order to further increase market confidence, it was also indicated that the CBN would give orderly payment of any committed FX forward transactions priority as they were due.

The CBN would engage stakeholders as it carried out the ongoing reforms, normalize its procedures for maintaining the Cash Reserve Ratio, and guarantee equity in its application across the banking sector.

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