CBN Lifts Ban on Forex Deposit Transfer in Domiciliary Accounts

Account holders can now transfer Foreign Currency Cash deposits made into their domiciliary accounts via Internet Banking, Mobile App or at any branch nationwide.

Amount to be transferred is however subject to a daily cumulative limit of $10,000.

The new policy has been communicated to bank customers.

In the latter part of 2015, the Central Bank of Nigeria, CBN, had banned cash deposit into domiciliary accounts.