CBN removes restrictions on forex, raises daily withdrawal limit to $10,000
The Central Bank of Nigeria has eased limitations on domiciliary accounts, increasing the daily withdrawal limit to $10,000.
In a statement on Sunday, the apex bank of reeled out additional information to Deposit Money Banks (DMBs) on the operational adjustments to the foreign exchange market.
The development was announced after an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.
“Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer,” the statement partly read.
The CBN claims that the new policies are intended to encourage transparency, liquidity, and price discovery in the foreign exchange market in order to increase FX supply, reduce speculative activity, boost consumer confidence, and guarantee overall market stability.
The apex bank also revealed that regular domiciliary account holders will now have free access to their account balances.
Previously, there was a limit on how much cash Nigerians could remove from their domiciliary accounts. However, the new development will make access to forex more easier for Nigerians.
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