Domiciliary Accounts: CBN Lifts Deposit Restriction, Allows $10,000 Withdrawals Daily The Central Bank of Nigeria (CBN) has provided further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023. Going by the latest guidance, holders of...

Banks Slash Dollar-cash Deposits to $5,000 Monthly       Nigerian banks have reduced the amount of United States dollars customers can pay into their domiciliary accounts from the previous $10,000 to $5,000 monthly. A top bank official who craved anonymity confirmed the new policy yesterday. However, the new policy...

CBN Boosts Dollar Supply With New Rules On Domiciliary Accounts, Remittance         In an apparent move to boost dollar supply into the economy, the Central Bank of Nigeria (CBN) yesterday introduced new rules that allow beneficiaries of diaspora remittance and transfers into domiciliary accounts to receive...