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Nigeria Eases Restrictions on Foreign Currency Transactions

The Central Bank of Nigeria has removed cash deposit limitations on domiciliary accounts, allowing account holders to withdraw up to U.S.$10,000 per day.

This move is a significant change in Nigeria's monetary policy, giving individuals more flexibility in managing their money held in domiciliary accounts. The decision was made after an extraordinary Bankers' Committee meeting, where the CBN discussed the implementation and implications of the policy changes. The new directive provides further guidance to banks on the operational changes to the foreign exchange market and aims to promote transparency, liquidity, and price discovery in the foreign exchange market

Prior to this announcement, individuals with domiciliary accounts faced limitations on the amount of cash they could deposit and withdraw, hindering international transactions. A domicilary account is a type of bank account that allows individuals to hold and transact in foreign currency.

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