The CBN disclosed this in a press statement after deliberating at an extraordinary Bankers’ Committee meeting
has announced the removal of cash deposit limitations on domiciliary accounts, granting account holders the liberty to withdraw up to $10,000 per day.
The new directive provides further guidance to banks on the operational changes to the foreign exchange market. “These policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market,” the bank said.
The CBN said all visible and invisible transactions are eligible for the investors’ and Exporters’ window.It directed banks to ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate on the official window.
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