Thursday, September 18, 2025
Home Uncategorized CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

The Central Bank of Nigeria has lifted the limits placed on domiciliary accounts.

A statement by the CBN titled ‘CBN issues further guidance on operational changes to foreign exchange market’ on Sunday says the new regulation allows account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

In specific terms, the CBN says ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $ 10,000 per day or its equivalent via telegraphic transfer.

In May 2021 banks had started placing new limits on transfers that domiciliary accounts holders could make from cash lodgements. A circular from one of the banks obtained by The PUNCH in 2021 stated, “The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

However, the CBN placed a cap on this limit following a Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.

RELATED ARTICLES

NAICOM, SEC STRENGTHEN TIES ON INSURANCE REFORMS.

    The Commissioner for Insurance, Olusegun Ayo Omosehin, has visited the Director-General of the Securities and Exchange Commission, Emomotimi Agama, at the SEC headquarters in...

FCT MINISTER ORDERS IMMEDIATE SHUTDOWN OF ILLEGAL MINING CAMPS. …REITERATES COMMITMENT TO RID FCT OF STREET BEGGING, DESTITUTION, OTHER SECURITY THREATS.

  Minister of the Federal Capital Territory (FCT), Barr. Ezenwo Nyesom Wike has ordered the immediate and comprehensive clampdown on illegal mining activities springing up...

NIES 2025: NNPC LTD LEADING THE CHARGE TOWARDS AFRICA’S GAS INFRASTRUCTURE EXPANSION—KYARI .

. The Group Chief Executive Officer of NNPC Ltd, Mele Kyari says,  the world recognizes Africa as the next destination of providing greater support to...

Most Popular

INSURANCE LITERACY DRIVE: NAICOM, SDGs SYNERGY INITIATIVE MOVE TO PROMOTE INSURANCE LITERACY.

  The National Insurance Commission (NAICOM) and the Sustainable Development Goals (SDGs) Synergy Initiative are set to deepen collaboration aimed at strengthening youth participation in...

$134M AGRIC PROGRAMME NAIDA REJECTS ALLEGATIONS OF MISMANAGEMENT

  The Nigeria Agro Input Dealers Association, NAIDA, has dismissed reports alleging fraud in the African Development Bank–funded $134 million agricultural programme, NAGS-AP. In a statement,...

FG MOVES TO REVITALIZE SILOS CONCESSION PROGRAMME TO BOOST FOOD SECURITY

  The Federal Government says it is set to revitalize the Silos Concession Programme as part of efforts to curb post-harvest losses, strengthen food storage...

INDIAN BUSINESSMAN, THREE OTHERS ARRESTED OVER N3.9BN TRAMADOL AT LAGOS AIRPORT …AS NDLEA UNCOVERS SKUCHIES FACTORY, NABS COUPLE WITH 19KG DRUGS IN ANAMBRA,...

The National Drug Law Enforcement Agency (NDLEA) has arrested an Indian businessman, Gupta Ravi Kumar, and three Nigerian accomplices over the importation of 2,248,000 pills...

Recent Comments