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

In May 2021, CBN had set the maximum limit for foreign currency transfers by cash deposits to $5,000 per month.

But now, the CBN said the new regulation allows account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

The apex bank said this in a statement issued after a meeting with the bankers’ committee.

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.