Saving and Withdrawal Limits Lifted on Forex Accounts: CBN

The Central Bank of Nigeria (CBN) on Sunday, June 18, 2023, issued a press statement with further guidance to Deposit Money Banks (DMBs) and the operational changes to the foreign exchange market (Forex).

The statement followed an extraordinary Bankers’ Committee meeting which focus on discussing the implementation and implications of the policy changes for the banking public.
According to the CBN, the changes made are meant 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 CBN on Sunday, revealed the new regulation which allows account holders to deposit freely, with unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

The statement was titled ‘CBN issues further guidance on operational changes to foreign exchange market’.
It read in part, “Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding $ 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.”
The general highlights of the decision are as follows:
 The Central Bank of Nigeria (CBN) issued further guidance to Deposit Money Banks (DMBs) regarding operational changes to the foreign exchange market.

 The policy changes aim to promote transparency, liquidity, and price discovery in the FX market to improve supply, discourage speculation, enhance customer confidence, and ensure overall stability.
 The guidance includes allowing all visible and invisible transactions to be eligible for the Investors’ and Exporters’ window, granting unrestricted access to funds in ordinary domiciliary accounts, and permitting cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer.

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