The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will not be restricted, and customers “shall have unfettered and
According to CBN director, corporate communications, Dr. Isa Abdulmumin, in line with deliberations at the meeting, provided further guidance to Deposit Money Banks as follows, the apex decided that all visible and invisible transactions are eligible for the Investors’ and Exporters’ window.
“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window. “Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN, including the “purpose” for such transactions.
According to AbdulMumin, the CBN will also normalize its Credit Reserve Ratio maintenance processes and ensure equity in its implementation across the banking industry. “The CBN will continue to engage stakeholders and issue further guidance as it implements the ongoing reforms,” he said in the statement that was released last night.
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