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ICYMI: CBN Lifts Restrictions on Domiciliary Accounts, Allows Daily Withdrawals of Up to $10,000
The Central Bank of Nigeria (CBN) has announced it is lifting restrictions (saving and withdrawal limits ) on domiciliary accounts. This means that Nigerians will now be able to save and withdraw foreign currency from their domiciliary accounts without any restrictions. The CBN said the decision was taken in order to “facilitate trade and investment in the country.”
RNN earlier reported that the CBN had previously imposed a daily withdrawal limit of $500 on domiciliary accounts in an effort to conserve foreign exchange. However, the CBN said that the policy had not been effective in achieving its objectives.
It said that the removal of the limits would “allow for seamless transactions in foreign currency and improve the ease of doing business in Nigeria.” The CBN also said that the decision would “help to boost the supply of foreign exchange in the country.”
The CBN’s decision to lift restrictions on domiciliary accounts has been welcomed by businesses and individuals who have been affected by the previous restrictions. The Association of Nigerian Licensed Customs Agents (ANLCA) said that the decision would “ease the burden of doing business in Nigeria.” The ANLCA also said that the decision would “help to boost the economy.”
The apex bank’s decision is a positive step towards improving the foreign exchange market in Nigeria. The removal of the limits will help to boost trade and investment in the country, and it will also help to improve the ease of doing business in Nigeria.
Here are some of the benefits of the CBN’s decision to remove saving and withdrawal limits on domiciliary accounts:
- Increased trade and investment: The CBN’s decision to lift restrictions on domiciliary accounts will make it easier for Nigerians to trade and invest in foreign currencies. This will help to boost the economy and create jobs.
- Improved ease of doing business: The removal of the limits will make it easier for businesses to operate in Nigeria. This will make the country more attractive to investors.
- Increased foreign exchange supply: The removal of the limits will help to increase the supply of foreign exchange in Nigeria. This will help to stabilize the exchange rate and make it easier for businesses to import goods and services.