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The Central Bank of Nigeria has announced that it will be easing limitations on domiciliary accounts, allowing for a daily withdrawal limit of $10,000.
This decision was made after an extraordinary Bankers’ Committee meeting, where the implementation and implications of the policy changes were discussed.
The new policies are aimed at promoting transparency, liquidity, and price discovery in the foreign exchange market, while also reducing speculative activity and boosting consumer confidence.
Additionally, regular domiciliary account holders will now have free access to their account balances, making it easier for Nigerians to access forex.
The CBN hopes that these changes will increase FX supply and guarantee overall market stability.
