Regulatory Alerts2020-02-24 | TED/FEM/FPC/GEN/01/003Clarification 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.
TRADE AND EXCHANGE DEPARTMENT 09 46237802 09 46237804 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/003 February 24, 2020 TO: ALL BANKS CLARIFICATION ON OPERATIONS OF ORDINARY DOMICILIARY ACCOUNTS Following different interpretations of operations of domiciliary accounts, it has become imperative to clarify the operations of domiciliary accounts as contained in the Central Bank of Nigeria Foreign Exchange Manual Memorandum 25 provisions under reference.
For the avoidance of doubt, all provisions of the Central Bank of Nigeria Foreign Exchange Manual has not changed and remains in effect.
Consequently, all ordinary domiciliary account holders can utilize cash deposits not exceeding USD10,000.00 or its equivalent by telegraphic transfers to fund eligible transactions.
As a result, all deposit money banks are advised to desist from misguiding their customers. Please ensure strict compliance.
DR. O.S. NNAJI DIRECTOR TRADE & EXCHANGE DEPARTMENT