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CBN lifts $10k deposit restriction on domiciliary accounts  

The Central Bank of Nigeria (CBN) has lifted restrictions on cash deposits into domiciliary accounts, saying customers “shall have unfettered and unrestricted access to funds in their accounts”.

A view shows Nigeria's Central Bank headquarters in Abuja
A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. Credit: REUTERS/Afolabi Sotunde

The Central Bank of Nigeria (CBN) has lifted restrictions on cash deposits into domiciliary accounts, saying customers “shall have unfettered and unrestricted access to funds in their accounts”.

The apex bank said this in a statement issued after a meeting with the bankers’ committee on Sunday.

The meeting was meant to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market and to discuss the implementation and implications of the policy changes for the banking public.

Last week, days after the suspension of CBN governor Godwin Emefiele, the bank directed all commercial banks to sell forex freely at market-determined rates.

The market rate now operates on a “willing buyer, willing seller” arrangement with the new policy that places the country’s currency on ‘free-floating exchange status’.

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