CBN Lifts Restriction On $10k Deposit On Domiciliary Accounts

The Central Bank of Nigeria (CBN) has affirmed that cash deposits into domiciliary accounts will remain unrestricted, ensuring customers’ unfettered access to funds in their accounts.

This statement was made following a meeting between the CBN and the bankers’ committee held on Sunday, aimed at providing additional guidance to deposit money banks (DMBs) regarding recent operational adjustments in the foreign exchange market. The meeting also focused on discussing the implementation and implications of the policy changes for the banking public.

The CBN’s announcement comes as a reassuring measure amid concerns and speculations surrounding potential restrictions on cash deposits into domiciliary accounts.

By affirming that customers will continue to have unimpeded access to their funds, the central bank seeks to promote confidence and stability in the banking sector.

The meeting with the bankers’ committee aimed to address any ambiguities and offer clarity on the recent policy changes implemented in the foreign exchange market.

While specific details about these changes were not provided in the statement, it is expected that the CBN and DMBs will work together to ensure a smooth transition and provide the necessary guidance to customers.