Nigeria’s Central Bank removes saving, withdrawal limits on domiciliary accounts.

The Central Bank of Africa’s largest economy, Nigeria, has lifted the limits placed on domiciliary accounts.

The move is seen as part of the new President Bola Tinubu’s efforts at ensuring stability in the forex market.

A statement by the bank on Sunday said the new regulation allowed account holders to deposit freely, have unrestricted access to funds in accounts, and make up to $10,000 withdrawals daily.

The bank under the leadership of the now suspended Godwin Emefiele had imposed restrictions in May 2021.

Commercial banks had placed limits on transfers that domiciliary accounts holders could make from cash lodgements.

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