In a statement titled "CBN issues further guidance on operational changes to foreign exchange market," released on Sunday, the CBN outlined the new regulations. According to the statement, ordinary domiciliary account holders now have unrestricted access to funds in their accounts. They are also permitted to make daily cash withdrawals of up to $10,000 or its equivalent through telegraphic transfer.
The CBN emphasized that Deposit Money Banks (DMBs) are required to provide returns to the CBN, including the purpose of such transactions. Cash deposits into domiciliary accounts will not be limited, as long as DMBs comply with proper Know Your Customer (KYC) procedures, exercise due diligence, and adhere to the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, as well as other relevant rules and regulations.
This development comes after reports in May 2021 revealed that banks had imposed new limits on transfers that domiciliary account holders could make from their cash lodgements.
