Connect with us

Hi, what are you looking for?

TVCE Articles

CBN lifts ban on dollar deposit transfers


naira n dollar Commercial banks are back in the business of foreign currency (dollar) transfer after the Central Bank (CBN) lifted restrictions on such transactions.

The banks can now transfer foreign currency in customers’ domiciliary accounts to their local and international business partners subject to a daily cumulative limit of $10,000.

Violation attracts regulatory sanctions.


Confirming the policy shift yesterday to The Nation, Central Bank of Nigeria (CBN) spokesman, Ibrahim Mu’azu, said the apex bank decided to reverse the policy because its finding showed that currency substitution by customers which made it enforce it in the first place has been tackled.

According to him, bank customers before now were converting naira to dollar and depositing the proceeds in the hope that the dollar would continue to appreciate at the parallel and official markets. He said stability has now returned to the market despite the volatility in the parallel market rate with the naira exchanging for over N300 to one dollar.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


In a thrilling race at Silverstone, Lewis Hamilton secured his first Formula 1 victory since December 2021, holding off Max Verstappen to claim a...


Manchester United have made significant progress in their pursuit of Bologna striker Joshua Zirkzee, reaching a broad agreement over payments relating to the player’s...


A hyena that had escaped from the Jos Wildlife Park in central Nigeria has been captured and returned to its enclosure. The hyena, which...


Despite battling the rare neurological disorder stiff-person syndrome, iconic singer Celine Dion has been offered the prestigious opportunity to perform at the opening ceremony...

Copyright © TVCCommuniation owner of TVC Entertainment