Contrary to an earlier post on this website, which implied that the Central bank of Nigeria (CBN) had placed restrictions on the amount owners of domiciliary accounts could withdraw in a month, the apex bank has placed no such restrictions on amounts that can be withdrawn from domiciliary accounts.
Rather the letter as quoted in the previous post represents an internal decision taken by just one commercial bank, rather than a sector-wide instruction from the apex bank.
In addition, the commercial bank involved has explained that the notice to its customers doesn’t stop withdrawals, but rather means that customers running a domiciliary cannot transfer forex if they deposit more than $10,000 in a month.
Nairametrics sincerely apologizes for any inconvenience the previous article may have caused our readers.
