CBN Lifts bound On $10k Deposit On Domiciliary Account

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The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”.

The apex bank spoke 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.