2020-02-24 | TED/FEM/FPC/GEN/01/003

Clarification on Operations of Ordinary Domiciliary Accounts

The Trade and Exchange Department of the Central Bank of Nigeria issued a circular to all banks, clarifying that ordinary domiciliary account holders can utilize cash deposits up to USD10,000 or its equivalent for eligible transactions. This reminder was sent to banks to prevent them from misguiding their customers, as all provisions of the Foreign Exchange Manual remain unchanged and in effect. Dr. O.S. Nnaji, Director of the Trade and Exchange Department, emphasized the importance of strict compliance with these regulations.

Nigeria

Central Bank of Nigeria

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