2020-11-30 | TED/FEM/FPC/GEN/01/010

Operations of Domiciliary Accounts

The Central Bank of Nigeria (CBN) clarifies the rules for operating domiciliary accounts to ensure foreign exchange market stability and prevent money laundering. Export Proceeds Domiciliary Account holders can use funds for business operations, with excess funds sold in the Investors' & Exporters' Window. Ordinary Domiciliary Account holders can use funds from electronic/wire transfers without restrictions for eligible transactions, while cash lodgment regulations remain unchanged.

Nigeria

Central Bank of Nigeria

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