CBN Removes Savings, Withdrawal Limits On Domiciliary Accounts | READ DETAILS
Faith Ukanwa
Jun 19, 2023
CBN Removes Savings, Withdrawal Limits On Domiciliary Accounts | READ DETAILS
The Central Bank of Nigeria (CBN) has lifted the savings and withdrawal limits placed on domiciliary accounts.
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In a statement by the CBN on Sunday, the new regulation allowed account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.
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The statement titled 'CBN issues further guidance on operational changes to foreign exchange market'; read in part;
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"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.
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"DMBs shall provide returns to the CBN, including the 'purpose' for such transactions.
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"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.ÔÇØ
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— Faith Ukanwa