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CBN Bans Nigerians From Depositing More Than 5k In Banks-See Why

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CBN has banned Nigerians from depositing more than 5k dollars into their bank accounts monthly.

 

 

News Rain Nigeria reports that some commercial banks, following the Central Bank of Nigeria’s (CBN) order have started sending new transfer limits to their customers.

According to emails sent to some customers, banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly.

They also advised the customers to transfer electronically instead of cash deposits.

 

CBN Bans Nigerians From Depositing More Than 5k In Banks-See Why

 

One of the banks also indicated that cash deposits are no longer allowed for some account holders.

 

“There is a $5,000 monthly cash deposit limit. We encourage you to make more deposits via electronic transfers. Cash-funded transfers to beneficiaries with accounts in other banks in Nigeria are no longer allowed. There will be no restriction to the frequency or value of transactions for accounts funded through inflows but supporting documents are required before payments are processed. Cash deposits are no longer allowed for Wealth Management Investments.”

Some of these rules are actually not new as they contain forex transaction guidelines issued by the central bank last year as part of its efforts to curtail demand for forex and reduce the utilization of the banking system to facilitate black market dealing in forex.