Cbn new deposit and withdrawal

CBN (Central Bank of Nigeria) has introduced new guidelines for deposit and withdrawal transactions in Nigerian banks. Here are the details:

New Deposit Guidelines:

  1. Minimum Deposit: The minimum deposit for all deposit accounts has been increased from N2,000 to N5,000.
  2. Maximum Deposit: The maximum deposit for all deposit accounts has been increased from N10 million to N20 million.
  3. Deposit Limits: Banks are required to set limits on daily deposit transactions to prevent large cash deposits. The limits will vary depending on the bank and the type of account.

New Withdrawal Guidelines:

  1. Maximum Withdrawal: The maximum withdrawal limit for all deposit accounts has been increased from N500,000 to N1 million.
  2. Daily Withdrawal Limit: Banks are required to set daily withdrawal limits for all deposit accounts. The limits will vary depending on the bank and the type of account.
  3. Withdrawal Limits for Large Accounts: For deposit accounts with balances above N5 million, the maximum withdrawal limit will be N500,000 per day.
  4. Withdrawal Limits for Small Accounts: For deposit accounts with balances below N50,000, the maximum withdrawal limit will be N20,000 per day.

Other Guidelines:

  1. KYC (Know Your Customer) Requirements: Banks are required to verify the identity of all depositors and maintain records of their transactions.
  2. Transaction Monitoring: Banks are required to monitor all transactions and report suspicious transactions to the CBN.
  3. Cashless Policy: The CBN has introduced a cashless policy, which encourages the use of electronic payment channels instead of cash.

Effective Date:

The new guidelines are effective from January 1, 2023.

Purpose:

The new guidelines are aimed at promoting financial inclusion, reducing cash transactions, and improving the overall efficiency of the banking system in Nigeria.

Penalties:

Banks that fail to comply with the new guidelines may face penalties, including fines and suspension of their operating licenses.

It's important to note that these guidelines may be subject to change, and banks may have their own additional requirements and restrictions. It's always a good idea to check with your bank for their specific policies and procedures.