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The Central Bank of Nigeria (CBN) has declared the removal of cash deposit limitations on domiciliary accounts, saying account holders can withdraw up to $10,000 per day.
The apex bank, in a statement made available to Channels Television on Sunday, stated that this followed a June 14 announcement on new guidelines in the foreign exchange market.
A subsequent extraordinary Bankers’ Committee meeting was said to have been held on Friday, June 16, to discuss its implementation and implications for the banking public.
“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations.”
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