The Central Bank of Nigeria (CBN) issued a press statement on June 18, 2023, providing further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023.


The statement followed an extraordinary Bankers’ Committee meeting held 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.

The CBN highlighted some of the key points of the guidance as follows:

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 utilize 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/FT laws and other relevant rules and regulations.
The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.
The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.

https://nairametrics.com/2023/06/18/breaking-cbn-lifts-cash-deposit-restriction-on-domiciliary-accounts-allows-10k-withdrawals-daily/?amp=1

Aonkuuse:
Good, abeg they should allow Naira card for dollar transactions too, paying for foreign things online is not easy now oo

Aonkuuse:
Good, abeg they should allow Naira card for dollar transactions too, paying for foreign things online is not easy now oo

Igwe9:
USD deposit was never restricted, when was that ? The one we are looking forward to is naira master or visa card usd payment

DevilsEqual:
BAT is an accountant, The next CBN Gov needs to have deep understanding on FX policies and must also be an economic expert.
You cant work with BAT on economic issues while dishing out policies than can handicapped the economy...You'd not wanna show yourself as being dumb

By the way, why does it look like Sanusi and Soludo are head and shoulder above Godwin, Emefiele acted like he did copy and paste during his uni days and also like one who understands nothing about monetary policy

Igwe9:

The problem was not CBN governor but Buhari, Buhari was not in charge, Wife and Uncle were and CBN had alot of people to satisfy

Twistaray:


I believe that would be considered too as a matter of time.

Igwe9:

The problem was not CBN governor but Buhari, Buhari was not in charge, Wife and Uncle were and CBN had alot of people to satisfy

Aonkuuse:
Good, abeg they should allow Naira card for dollar transactions too, paying for foreign things online is not easy now oo

Dialpad:
They need to let us know when we can use our naira card for dollar purchases.

I am sure many reading this are waiting to know when.


We need to use our naira cards for dollar purchases

Zxcvbnmghtr:


The Problem is the CBN Governor. Don't make any excuse at all. Fact been that he should have simply resigned if Emefiele is at all a man of INTEGRITY. The mere fact that this man showed his intentions to run for president, by buying the Presidential form and even went to court to fight against the Constitution tells a lot.

So, where is Buhari's wife and Uncle? Where is Peter Obi and Atiku that were patting him on his head.

EMEFIELE IS JUST A VERY WICKED MAN WHO RUINED THE ECONOMY OF THIS GREAT COUNTRY.

Thank God, we are now blessed with who God has chosen to lead Nigeria to the promised Land.

Aonkuuse:
What a lie, you people can defend anything. That man is to be blame for every damn thing he did

Igwe9:

If the problem was his, why did Buhari appoint him for the second time?
You are scared to mentioned Buhari name, right?
That's an act of cowardice if you don't know. Call a spade a spade.

Aonkuuse:
Good, abeg they should allow Naira card for dollar transactions too, paying for foreign things online is not easy now oo

Astra101:


Please use dollar Master by Gtbank

Flets:
Knee jerk moves with short term effect. A nation with a balance of trade deficit cannot afford to float its currency in a jackal infested free market.

Femmyfamous4u:


Team it will suffice in the short run but dangote's export of petroleum products will increase our exports and and our balance of payment will be fine.

Aonkuuse:
But the card is for dollar account nah, you will have to go and source for dollar, come and deposit before u will be able to use. What I was actually saying is that we should be allowed to use our normal naira debits card to do foreign transactions

PARADIZEPRIEST:
FORGET EXPORT FOR NOW, DANGOTE 650,000 CAPACITY CANT EVEN SATISFY NIGERIA CONSUMPTION.LETS BE GUIDED.

Dialpad:
They need to let us know when we can use our naira card for dollar purchases.

I am sure many reading this are waiting to know when.


We need to use our naira cards for dollar purchases