Friday, December 2, 2016

Domiciliary Account Foreign Transfers Is Now Limited To Just 10,000 USD Per Month - CBN

On December 1st, commercial banks in Nigeria commenced the implementation of of Central Bank of Nigeria (CBN) directive to limit foreign transfers from Domiciliary accounts to $10,000 per month. This move is one the numerous regulations introduced in the banking sector recently to improve the sector in many areas especially security wise.
dollar to naira
Domiciliary account is a bank account operated in foreign currency such as US Dollars, Euros, and Pounds. It is the wisest way to get payments foreign currency and sell it to Northerners at abokifx rate instead of official CBN interbank rate which is lower. To know more about Domi account and how to open it in Nigeria, click How To Open Domiciliary Account in Nigeria

Below is an mail sample sent by Stanbic IBTC Bank PLC to her customers pertaining the change.

Esteemed Customer,
Thank you for banking with us.
We write to inform you that foreign transfers from domiciliary accounts on the back of funding through cash deposits is now restricted to a maximum of Ten Thousand Dollars ($10,000) monthly per customer. This adjustment applies to all customers irrespective of the number of accounts operated and will take effect from 01 December, 2016.

However we will continue to accept cash deposits to domiciliary accounts in line with subsistent regulatory guidelines.

For further enquiries on this revision as well as our bouquet of products and services, please call 01 270 9676, email or visit the branch nearest to you.

Yours Sincerely,

Stanbic IBTC Bank PLC
From the message, it's clear that Domiciliary account continues to exist and function in the country just that, there are some limitations now unlike before.
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