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.
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.”