CBN ‘ Central Bank of Nigeria ‘ has announced that cash deposits into domiciliary accounts will no longer be restricted.
The statement by the apex bank came after a meeting with the bankers’ committee on Sunday, June 18 as regards guidance to Deposit Money Banks (DMBs).
According to the CBN, the policy will 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.
The CBN also announced that it remains committed to ensuring a stable and efficient foreign exchange market that meets the needs of all legitimate users.