Forex: CBN Increases Daily Withdrawal Limit For Domiciliary Accounts

The Central Bank of Nigeria (CBN) has increased the daily withdrawal limit for domiciliary accounts to ten thousand dollars ($10,000).

The development was made after an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.

A statement about the new policy partly read:

“Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer.”

According to it, the new policies were intended to encourage transparency, liquidity, and price discovery in the Foreign Exchange (Forex) market.

The move was equally aimed at increasing Forex (FX) supply, reducing speculative activity, boosting consumer confidence, and guaranteeing overall market stability.

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Additionally, regular domiciliary account holders will now have free access to their account balances.

Earlier, there was a limit on how much cash Nigerians could remove from their domiciliary accounts.

However, the new development will make access to forex easier for Nigerians, according to the apex bank.