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Update: CBN Did Not Place Any Restriction On Foreign Currency Withdrawals From Domiciliary Accounts

Chacha Wabara by Chacha Wabara
December 1, 2016
in Uncategorized
Here Is What It Now Takes For A Bank Staff To Get Into The CBN’s Dreaded Black Book
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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of domiciliary accounts could withdraw in a month, the apex bank has placed no such restrictions on amounts that can be withdrawn from domiciliary accounts.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.

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Nairametrics sincerely apologizes for any inconvenience the previous article may have caused our readers.


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Tags: Business NewsCBN Nigeria
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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