Sunday, 18 June 2023

Just In: CBN lifts cash deposit restriction on domiciliary accounts, allows $10k withdrawals daily

The CBN has lifted the cash deposit restrictions placed on domiciliary accounts, stating that holders of such account are permitted to utilize 

cash deposits not exceeding $10,000 per day.
The apex bank in a press statement on June 18th, said customers “shall have unfettered & unrestricted access to funds in their accounts”.
The statement followed an extraordinary Bankers’ Committee meeting held to discuss the implementation & implications of the policy changes for the banking public.
According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.
According to the Director, Corporate Communications, Dr. Isa Abdulmumin, the CBN, in line with deliberations at the meeting, provided further guidance to Deposit Money Banks (DMBs).

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