CBN Releases Additional FX Reforms, Relaxes Restriction On Domiciliary Accounts - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
June 19, 2023
Director, Corporate Communications, of the Bank, Isa AbdulMumin, said the policy changes aim to promote transparency, liquidity and price discovery in the foreign exchange market.
He added that this is in order to improve foreign exchange supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market.
AbdulMumin explained that in line with deliberations at an extraordinary Bankers’ Committee meeting held on June 16, the CBN provided further guidance to Deposit Money Banks, DMBs.
The CBN spokesman said the DMBs are mandated to provide returns to the CBN, including the “purpose” for such transactions, adding that cash deposits into domiciliary accounts would not be restricted, subject to DMBs conducting proper ‘Know Your Customer’, KYC, due diligence.