CBN Eases Restrictions on Domiciliary Accounts and Foreign Exchange Guidelines.
The Central Bank of Nigeria has removed the limits on domiciliary accounts, allowing account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily. The move is aimed at promoting transparency, liquidity, and price discovery in the FX market to improve FX supply, discourage speculation, enhance customer confidence, and ensure overall stability in the FX market. All visible and invisible transactions are eligible for the Investors’ and Exporters’ window, and banks are urged to ensure expeditious processing of all eligible invisible transactions on behalf of their customers.