VOICE AIR MEDIA News Update
THE Central Bank of Nigeria (CBN) has said cash deposits into domiciliary accounts will no longer be restricted.
The apex bank said this in guidance to Deposit Money Banks (DMBs) after a meeting with the bankers’ committee on Sunday.
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.
According to the CBN, 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.
“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 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 (know your customer), due diligence, and adhering to the spirit and letter of extant anti-money laundering/ combating the financing of terrorism laws and other relevant rules and regulations.
“The CBN will prioritise orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.”
The CBN said it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users.
Do you have any information you wish to share with us? Do you want us to cover your event or programme? For Adverts or report call/WhatsApp us on +2348072633727
THE Governorship Candidate of All Progressives Congress APC in the forthcoming governorship election in Osun…
As Christians commemorate the resurrection of Jesus Christ, the immediate past Governor of Ekiti State…
THE Ekiti State Government on Thursday stepped up efforts to promote inclusion and early intervention…
The Federal Capital Territory Police Command has rescued an unidentified mentally challenged woman who delivered…
Panic gripped parts of Lagos in the early hours of Saturday following as fire outbreak…
Troops of the Nigerian Army have arrested 13 persons suspected to be part of a…