The Central Bank of Nigeria, CBN, says customers can spend as much as $10,000 from their Domiciliary Account daily.
This apex bank made this known in a statement on Sunday titled “CBN Issues Further Guidance On Operational Changes To Foreign Exchange Market’.
The development is part of the government bank’s efforts to removed the chokehold initially placed on Domiciliary Account holders, which came into operation in 2021 according to those monitoring the bank.
The circular sent to commercial banks and Deposit Money banks, by the CBN last year’s May directed them to ensure that $5,000 was the daily withdrawn limit.
But under the new regime, operators of such account, the CBN said can now have unfettered access to their account unlike before subject to various extant laws guiding its operations.
In the statement released yesterday, the apex bank stated: “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.”
Meanwhile, monetary policy experts informed the magazine that the ongoing reform in the CBN is in line with federal government’s efforts to further liberalise the foreign exchange market as directed by President Bola Ahmed Tinubu during his inauguration on May 29.
