• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, July 9, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Domiciliary Account: CBN Lifts Restriction On Deposit, Withdrawal

by Mark Itsibor and Bukola Idowu
2 years ago
in Cover Stories
Share on WhatsAppShare on FacebookShare on XTelegram

 

Advertisement

The Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will not be restricted, and customers “shall have unfettered and unrestricted access to funds in their accounts”.

The bank spoke in a statement issued after a meeting with the bankers’ committee on Sunday.

The meeting was meant to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market and to discuss the implementation and implications of the policy changes for the banking public.

Following the CBN press statement of June 14, 2023, on new guidelines in the foreign exchange market, an extraordinary Bankers’ Committee meeting was held on Friday, June 16, 2023, to discuss its implementation and implications for the banking public.

RELATED

JUST-IN: Despite Gov Yusuf’s Arrest Order, Deposed Emir Bayero Moves Into Mini Palace

KANO EMIRATE TUSSLE…My Supporters Acted In Self-Defence – Emir Bayero

8 hours ago
Mark Hails Ukoha’s Commitment, Integrity In Public Service

ADC Has No Preferred Presidential Aspirant – Mark

8 hours ago

The 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.

According to CBN director, corporate communications, Dr. Isa Abdulmumin, in line with deliberations at the meeting, provided further guidance to Deposit Money Banks (DMBs) as follows, the apex decided that all visible and invisible transactions (medicals, school fees, BTA/PTA, airline

and other remittances) are eligible for the Investors’ and Exporters’ (I & E) 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.

“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs

conducting proper KYC, due diligence and adhering to the spirit and letter of

extant AML/CFT laws and other relevant rules and regulations.”

Apart from that, the central bank in the regulatory policy said it will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to boost market confidence further.

According to AbdulMumin, the CBN will also normalize its Credit Reserve Ratio (CRR) 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.

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



SendShareTweetShare
Previous Post

Nigeria Needs $60bn Foreign Reserves To Stabilise Naira – Experts

Next Post

Disclose Life Pensions Received, SERAP Tells Ex-Governors

Mark Itsibor and Bukola Idowu

Mark Itsibor and Bukola Idowu

You May Like

JUST-IN: Despite Gov Yusuf’s Arrest Order, Deposed Emir Bayero Moves Into Mini Palace
Cover Stories

KANO EMIRATE TUSSLE…My Supporters Acted In Self-Defence – Emir Bayero

2025/07/09
Mark Hails Ukoha’s Commitment, Integrity In Public Service
Cover Stories

ADC Has No Preferred Presidential Aspirant – Mark

2025/07/09
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Cover Stories

Dangote Refinery To End Crude Importation By Year-end – Report

2025/07/09
Kano Emirate Tussle: My Palace Gate Breached By Bayero’s Supporters – Emir Sanusi
Cover Stories

Kano Emirate Tussle: My Palace Gate Breached By Bayero’s Supporters – Emir Sanusi

2025/07/08
New Tax Policy To Exempt 95% of Informal Sector — Oyedele
Cover Stories

New Laws: Experts Raise Fresh Concerns Over High Corporate Taxes

2025/07/08
Boundary Disputes: Olubadan Warns Trespassers To Vacate Ibadan Land
Cover Stories

BREAKING: Olubadan, Oba Olakulehin, Dies After 1 Year On Throne

2025/07/07
Leadership Conference advertisement

LATEST

Red Bull Sack Team Principal Christian Horner

Bandits Kill Pastor, Church Member In Katsina

Federal Gov’t Targets Food Sufficiency Via Public-Private Partnership

Group Hails Kwara Gov’t Over Initiative To Curb Insecurity

GbaramatuVoice Celebrates 10th Anniversary, Hosts Lecture, Awards

Dangote Refinery To End Crude Oil Imports By December

Fire Guts Actress Iyabo Ojo’s Office In Lagos

Edo Gov’t Shuts 4 Schools, Arrests Headteacher Over Death Of Pupil

Chevron, NUJ Train 70 Journalists On AI-Driven Journalism

US Green Card Holders With Criminal Records Risk Revocation, Deportation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.