Tag: domiciliary accounts

CBN lifts cash deposit restrictions on domiciliary accounts

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In a statement, the Central Bank of Nigeria (CBN) has announced that cash deposits into domiciliary accounts in the country will no longer be restricted. The statement by the apex bank came following a meeting with the bankers’ committee on Sunday, June 18, as regards guidance to Deposit Money Banks (DMBs). The guidance includes allowing […]

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CBN relaxes rules on foreign remittances, domiciliary accounts

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The Central Bank of Nigeria (CBN) has relaxed its rules on foreign remittances and domiciliary accounts. In a statement signed by the apex bank’s director of trade & exchange, O.S Nnaji, it was gathered that beneficiaries of diaspora remittances through the international monetary transfer operators (IMTO) shall now allow inflows in foreign currency (US Dollar) […]

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