The Central Bank of Nigeria (CBN) has removed cash withdrawal restrictions on domiciliary accounts, allowing individuals to withdraw up to $10,000 per day.
This change aims to enhance transparency, liquidity, and price discovery in the foreign exchange (FX) market while boosting customer confidence and stability.
Previously, Nigerians faced confusion and limitations when accessing cash from their domiciliary accounts, with withdrawal limits as low as $10,000 per week or per month.
Under the new guidelines, individuals can freely withdraw or transfer up to $10,000 daily from their domiciliary accounts, with no restrictions on inflows or wired transfers.
This policy change brings relief to Nigerians who encountered difficulties accessing their cash deposits due to previous restrictions.
It empowers individuals with domiciliary accounts to utilise their funds more flexibly, including using debit cards abroad without concerns of restrictions
The development is expected to improve liquidity in the forex market by encouraging more individuals to deposit their foreign currency into banks.
The CBN reaffirms its commitment to ensuring a stable and efficient FX market, prioritising the settlement of committed FX forward transactions to boost market confidence.
The removal of cash withdrawal restrictions on domiciliary accounts represents a significant step towards facilitating easier access to funds for Nigerians and fostering a more robust and liquid forex market.
