The Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts will no longer be restricted, and customers ‘shall have unfettered and unrestricted access to funds in their accounts’.

The apex bank made this announcement in a statement issued after a meeting with the Bankers’ Committee yesterday. 

The meeting was meant to provide further guidance to deposit money banks (DMBs) on the recent operational changes to the foreign exchange market and to discuss the implementation and implications of the policy changes for the banking public.

According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.