Following a Bankers' Committee meeting on operational changes to Nigeria's foreign exchange market, deposit money banks (DMBs) have been directed to allow the withdrawal or transfer of up to $10,000 daily by customers.
The Central Bank of Nigeria disclosed this in an official communication to DMBs on Friday, June 16, 2023. As part of the changes, there will be no restrictions on deposits into domiciliary accounts. However, this is subject to the outcomes of the due diligence conducted by the banks.
While domiciliary account holders can withdraw up to $10,000 daily, banks are required to provide returns to the CBN containing the purpose of the transaction. Furthermore, visible and invisible transactions such as school fees, airline, and medical bills are eligible for the Investors & Exporters (I&E) window.
On Wednesday, June 14, 2023, the CBN issued guidelines on changes to the foreign exchange market. In it, it noted the abolishment of segmentation, with applications for medicals, school fees, BTA/PTA, and SMEs processes through DMBs. This is part of reforms at the bank since the inauguration of President Bola Ahmed Tinubu.