The Central Bank of Nigeria (CBN) has stated that customers will now have unrestricted access to funds in their accounts.
This development was announced, Sunday evening, after a meeting with the Bankers’ Committee, which aimed to guide deposit money banks (DMBs) regarding operational changes in the foreign exchange market.
This decision by the CBN has significant implications for the banking public in Nigeria. The previous restriction on cash deposits into domiciliary accounts limited customers’ access to their funds and imposed certain constraints.
What this Removal Means
By lifting this restriction, the CBN is providing customers with greater flexibility and control over their finances.
The move is likely to be welcomed by individuals and businesses that rely on domiciliary accounts for international transactions or to hold foreign currency. It offers them the opportunity to deposit larger sums of money without facing limitations.
This change may also facilitate smoother transactions in the foreign exchange market and encourage increased economic activity.
It is important to note that while the CBN has lifted the restriction on cash deposits, individuals and businesses should consult their respective banks for any specific guidelines or requirements that may be in place regarding the utilization of domiciliary accounts.
The CBN’s decision to lift the restriction on cash deposits into domiciliary accounts signifies a positive development for the banking sector in Nigeria.
It reflects the regulatory authority’s efforts to enhance financial flexibility and promote a more favorable environment for economic activities related to foreign exchange transactions
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