The restrictions on domestic accounts have been abolished by the Central Bank of Nigeria.
The CBN said in a statement on Sunday that the new rule gave account holders unlimited deposit options, unrestricted access to account money, and daily withdrawal limits of up to $10,000.
Banks began implementing additional restrictions on the transfers that owners of domiciliary accounts could make from cash lodgements in May 2021.
The maximum limit for foreign currency transfers by cash deposits is currently $5,000 per month, according to a bank’s 2021 circular.
The CBN stated that the policy adjustments sought to increase transparency, liquidity, and price discovery in the foreign exchange market in order to increase FX supply, deter speculation, boost customer confidence, and guarantee overall stability in the market.
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