Some commercial banks in the country have started sending new foreign exchange transfer limits to their customers with domiciliary accounts.
Emails sent to some customers reveal 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.
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.
