This information was provided in a statement released by the CBN on Sunday following a meeting with the bankers committee.

The purpose of the bankers committee meeting was to review the implementation and consequences of the policy changes for the banking public as well as to offer Deposit Money Banks (DMBs) with additional guidance on the recent operational changes to the foreign exchange market.

According to the Director, Corporate Communications, Dr. Isa Abdulmumin, the CBN, in line with deliberations at the meeting, provided further guidance to Deposit Money Banks (DMBs) 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. 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.

4. 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/CFT laws and other relevant rules and regulations.

5. The CBN will prioritize orderly settlement of any committed FX forward

transactions as they fall due in order to boost market confidence further.

6. The Bank will normalize its CRR maintenance processes and ensure equity in

its implementation across the banking industry. The CBN will continue to engage stakeholders and issue further guidance as it implements the ongoing reforms.