CBN REMOVES SAVING, WITHDRAWAL LIMITS ON DOMICILIARY ACCOUNTS

The Central Bank of Nigeria, CBN lifting the limits placed on domiciliary accounts.

In a statement by the CBN on Sunday, the new regulation allowed account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

The statement directed that ordinary domiciliary account holders should have unfettered and unrestricted access to funds in their accounts.

The CBN made this decision following a Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public.