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CBN removes the cap on cash deposits into domestic accounts and now permits daily withdrawals of $10,000

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The Central Bank of Nigeria (CBN) has lifted restrictions on cash withdrawals from domestic accounts, enabling users to withdraw up to $10,000 per day.

This modification aims to increase the foreign exchange (FX) market’s transparency, liquidity, and price discovery while enhancing customer confidence and stability.

Nigerians had difficulty and restrictions when trying to withdraw money from their domestic accounts, with limits as low as $10,000 per week or month. Individuals may freely withdraw or transfer up to $10,000 per day from their domiciliary accounts under the new regulations, with no limitations on inflows or wire transfers.

By encouraging more people to deposit their foreign currency in banks, the development is anticipated to increase liquidity in the foreign exchange market. The CBN reiterates its dedication to maintaining a reliable and effective foreign exchange market, giving committed FX forward transaction settlement priority to increase market confidence.

It will be much easier for Nigerians to access money now that the restrictions on cash withdrawals from domestic accounts have been lifted, and it will also help to create a more active and liquid forex market.

However, the removal of the restriction on their naira card is what Nigerians are more concerned about. They want to be able to conduct international business without having to find substitutes. They think that this will have a greater impact and increase the naira’s strength. 

According to @MisterRedefined on Twitter, he said: “They should lift the restrictions on naira cards. Allow the poor to transact business and pay for services with their naira cards. Allow us breeeeeef”

Another netizen said: “The entire aim of the restriction was to reduce money laundering. So what’s the aim of lifting the restriction”

Kmoney, also a Twitter user, gave his input: “This one’s no concern us… when will the restrictions on international debit card purchase be removed”

The dollar lift by the government is causing a mixed reaction amongst Nigerians but one major thing is clear from them, Nigerians want to be able to transact internationally with their Naira cards. Heeding this will bring relief to a lot of Nigerians and ease their businesses. 

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