According to the apex bank, holders of such account are permitted to utilise cash deposits not exceeding $10,000 per day.
CBN Director, Corporate Communications, Isa Abdulmumin, who disclosed this in a statement on Sunday, said the decision was part of resolutions reached at an extraordinary Bankers’ Committee meeting held on Friday, June 16, to discuss the implementation and implications of the policy changes for the banking public..
The statement provides further guidance to Deposit Money Banks (DMBs), on the operational changes to the foreign exchange market announced on June 14, 2023.
Abdulmumin said the policy changes aim to promote transparency, liquidity, and price discovery in the FX market, in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market
According to CBN, “All visible and invisible transactions (medicals, school fees, BTA/PTA, airline and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.
“DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.
“Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts. Domiciliary account holders are permitted to utilise cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer. DMBs shall provide returns to the CBN, including the “purpose” for such transactions.
“Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence and adhering to the spirit and letter of extant AML/CFT laws and other relevant rules and regulations.
“The CBN will prioritise orderly settlement of any committed FX forward transactions as they fall due in order to boost market confidence further.
“The Bank will normalise its CRR maintenance processes and ensure equity in its implementation across the banking industry.”
The CBN said it will continue to engage stakeholders and issue further guidance as it implements the ongoing reforms.
from TheWillNigeria
This new official rate of forex to naira is giving japa people hypertension. Imagine after planning proof of funds and school fees with the former rate, only for you to now have to increase your funds by almost 50%.
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