CBN Lifts Cash Deposit Restriction On Domiciliary Accounts, Allows $10,000 Daily Withdrawals

2 minutes, 17 seconds Read

The Central Bank of Nigeria, CBN, has provided further guidance to Deposit Money Banks, DMBs, on the operational changes to the foreign exchange market announced on 14 June 2023.

The CBN highlighted some of the key points of the guidance as follows: 

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/FT laws and other relevant rules and regulations.

The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.

The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.

The CBN assured the banking public that it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users

What this means on cash deposits

Before now, there was a restriction on how much cash Nigerians can withdraw from their domiciliary accounts. The restriction was also clouded with a lot of confusion as no one was sure how much cash they could withdraw.

At some point, the withdrawal of previously deposited cash was restricted to $10,000.00 per week or even monthly depending on the subsisting central bank policy.

However, this has now changed as you can now withdraw or transfer to the maximum of $10,000.00 per day out of your domiciliary accounts.

Important to add that transfers out of “inflow” (aka wired transfers) into a deposit account have no limit.

The CBN also explains that Nigerians can deposit an unlimited amount of cash into their domiciliary accounts.


This new directive will be welcomed by Nigerians who have struggled to access their cash deposits into domiciliary accounts following the restrictions placed by the central bank.

Before now, accessing cash deposits into domiciliary accounts was limited as the central bank under Emefiele feared the dollarization of the economy.

With this new development, Nigerians with domiciliary accounts can use their debit cards abroad without fear of restrictions.

The development is also likely going to improve liquidity in the forex market as this allows more people to deposit their forex in banks.

Share the story
_For Advert Placement, Media Consultancy, Anniversary & Birthday Celebrations, kindly contact us:

@ [email protected] Or call: 09060006367

You are also free to call/send what's happening in your environment/area to us through the above contact._

Similar Posts

Leave a Reply