Updates on Operations of Domiciliary Account

Updates on Operations of Domiciliary Account

In today's Latest Updates on Operations of Domiciliary Account - In line with the current market update by the Central Bank of Nigeria (CBN) on the Foreign Exchange policy, the following updates with respect to Operations of Domiciliary Account and the Foreign Exchange Market should be noted according to Firstbank.

Updates on Foreign Exchange Market

Please note the following with regards to Foreign Exchange Market and the Operations of Domiciliary Accounts:

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1. All visible (Form M) and invisible transactions (Medicals, School fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.

2. All customers’ requests will be processed using the applicable rate at the I&E window.

3. Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$10,000 per day or its equivalent via telegraphic transfer.

4. Cash deposits into domiciliary accounts will not be restricted, however deposit must be in line of the customer's business and adhering to the spirit and letter of extant AML/FT laws and other relevant rules and regulations.

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5. The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due.

The CBN will normalize their cash Reserve Ratio (CRR) maintenance processes and ensure equity in the implementation across the Banking industry.

Source: Fairstbank