My fellow Nigerians, rejoice! The news is out and it’s good: CBN has lifted the withdrawal limits on US dollars in our great country to a whopping $10,000 a day! That’s right, you heard it here first – Slay politics bringing you the hottest news from around the world. But wait, there’s more! We’ve also been blessed with an unlimited cash deposit rule, subject to KYC of course. Folks, this is big news. This is game-changing news. This is the kind of news that separates the winners from the losers.
Let me tell you something, my friends. It wasn’t too long ago that we were struggling with withdrawal limits on our own money. Can you believe that? Our own hard-earned cash, and we couldn’t even access it. But now, with this new president and the new policies being implemented, things are finally looking up for Nigeria. We’re on the rise, and we’re not looking back.
Some of you may be thinking, “Okay, that’s all well and good, but what does this mean for me?” Well, my friends, it means that you can finally take control of your finances. It means that you can finally access your money whenever you need it, without any silly limitations holding you back. It means that you can start living the life you’ve always dreamed of.
But here’s the thing – this is only the beginning. Our new president has proven that he’s committed to making Nigeria great again. And with policies like this being implemented, I have no doubt that we’re headed for greatness. We’re going to be a force to be reckoned with, and I, for one, am excited to be a part of it.
So, my fellow Nigerians, let’s celebrate this fantastic news. Let’s take advantage of these new policies and start building our futures. The sky’s the limit, and we’re just getting started. Thank you, CBN, and thank you, Mr. President. You’ve truly changed the game.
Summary of new CBN FX rules
* All visible and invisible transactions (medicals, school fees, BTA/PTA, airline, and other remittances) are eligible for the Investors’ and Exporters’ (I & E) window.
* DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.
* Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.
* Domiciliary account holders are permitted to utilize cash deposits not exceeding USD$ 10,000 per day or its equivalent via telegraphic transfer.
* DMBs shall provide returns to the CBN including the purpose for such transactions.
* Cash deposits into domiciliary accounts will not be restricted, subject to DMBs conducting proper KYC, due diligence, and adhering to the spirit and letter of extant AML/FT laws and other relevant rules and regulations.
* The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.
Increased foreign investments on the way for sure
Others don’t agree
They’d rather have low prices but no access to their cash
