BREAKING: CBN Lifts Major Restriction On Domiciliary Accounts

The Central Bank of Nigeria (CBN) says 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.

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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.

More details to to follow…