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CBN lifts cash deposit restriction on domiciliary accounts, allows $10k withdrawals daily

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CBN Headquarters Abuja
Central Bank, Headquarters Abuja

The Central Bank of Nigeria (CBN) has provided further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023.

The CBN highlighted some of the key points of the guidance as follows

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

2. DMBs shall ensure expeditious processing of all eligible invisible transactions on behalf of their customers using the applicable rate at the I & E window.

3. Ordinary domiciliary account holders shall have unfettered and unrestricted access to funds in their accounts.

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

5. DMBs shall provide returns to the CBN including the purpose for such transactions.

6. 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.

7. The CBN will prioritize orderly settlement of any committed FX forward transactions as they fall due in order to further boost market confidence.

8. The Bank will normalize its CRR maintenance processes and ensure equity in its implementation across the banking industry.

9. The CBN assured the banking public that it remains committed to ensuring a stable and efficient FX market that meets the needs of all legitimate users

What this means
On cash deposits

Before now there was a restriction on how much cash Nigerians can withdraw from their domiciliary accounts. The restriction was also clouded with a lot of confusion as no one was sure how much cash they could withdraw.

At some point, the withdrawal of previously deposited cash was restricted to $10k per week or even monthly depending on the subsisting central bank policy.

However, this has now changed as you can now withdraw or transfer to the maximum of $10k per day out of your domiciliary accounts.

Important to add that transfers out of “inflow” aka wired transfers into a deposit account has no limit.

The CBN also explains that Nigerians can deposit an unlimited amount of cash into their domiciliary accounts.

Optics

This new directive will be welcomed by Nigerians who have struggled to access their cash deposits into domiciliary accounts following the restrictions placed by the central bank.

Before now, accessing cash deposits into domiciliary accounts was very limited as the central bank under Emefiele feared the dollarization of the economy.

With this new development, Nigerians with domiciliary accounts can use their debit cards abroad without fear of restrictions.

The development is also likely going to improve liquidity in the forex market as this allows more people to deposit their forex in banks.

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General News

Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

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Anglican Church logo

…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”

The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.

In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”

Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.

The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).

The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).

“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.

 

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Anglican Church Urges Government To Prioritize Citizen Welfare

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Anglican Church in Service

The Primate of the Church of Nigeria Anglican Communion, Most Reverend Henry Ndukuba, has called on political leaders to prioritize the welfare of citizens.

During a recent church service in Abuja, Ndukuba noted that many Nigerians are struggling with challenges brought on by the global economic downturn. He urged state and local governments to implement new initiatives to lessen the impact on their communities.

The Primate also stressed that the federal government must effectively monitor its programs to ensure that Nigerians fully benefit from the nation’s democratic gains. He argued that if the current administration can effectively tackle corruption, the country would significantly benefit from the economic policies of President Tinubu’s government.

Ndukuba concluded by asking the congregation to continue praying for those in authority, remain committed to national unity, and show love and support for the less privileged. He also tasked the newly inducted members of the Church Mothers’ Guild with aggressively spreading the gospel.

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Hardship: A Veil Of Sorcery And Darkness Over Nigeria – Pastor Enenche”

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Pastor Paul Enenche

Senior Pastor of Dunamis International Gospel Centre, Dr. Paul Enenche, has expressed deep concern about the current situation in Nigeria.

Enenche stated that the nation is under an evil spell due to the economic hardship affecting the country. He described Nigeria as being covered by a “blanket of sorcery and darkness,” leading many citizens to endure poverty and hardship in silence.

“There’s a blanket of sorcery and darkness over this nation—an evil spell making people tolerate what should provoke outrage,” he wrote.

In a post on his official X account on Thursday, the cleric highlighted the economic struggles faced by many Nigerians, noting that an increasing number of church members now line up after services not for spiritual counselling or prayer, but to help with basic needs such as rent, school fees, food, and medical bills.

“People are suffering. Pastors are exhausted. Members now queue after service not for prayer, but for assistance,” he lamented.

He also criticised political leaders for their insensitivity and failure to address the dire situation across the country.

“Yet, the leaders act as though nothing is wrong. This is not normal—it is witchcraft. It is a spell of patience in captivity, leading to a demonic tolerance of suffering.”

Calling for divine intervention, Enenche declared, “Let every evil spell over this land be broken! Let those misruling with arrogance and mocking the people’s pain face divine judgment. They shall not see the celebration of their wickedness.”

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