CBN Lifts Cash Deposit Restriction On Domiciliary Accounts, Allows $10,000 Withdrawals Daily

CBN Lifts Cash Deposit Restriction On Domiciliary Accounts, Allows $10,000 Withdrawals Daily

The Central Bank of Nigeria (CBN) has declared the removal of cash deposit limitations on domiciliary accounts, granting account holders the liberty to withdraw up to $10,000 per day.

The apex bank, in a statement made available to Channels Television on Sunday, stated that this followed a June 14 announcement on new guidelines in the foreign exchange market.

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A subsequent extraordinary Bankers’ Committee meeting was said to have been held on Friday, June 16, to discuss its implementation and implications for the banking public.

“Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN, including the “purpose” for such transactions,” it said.

“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.”