Cbn new guidelines on daily maximum transfer
You're referring to the new guidelines on daily maximum transfer limits set by the Central Bank of Nigeria (CBN).
As of 2022, the CBN has introduced new guidelines on daily maximum transfer limits for various types of transactions. Here are the details:
Domestic Transactions:
- For individuals, the daily maximum transfer limit is N5 million (approximately $12,500 USD).
- For corporate entities, the daily maximum transfer limit is N10 million (approximately $25,000 USD).
International Transactions:
- For individuals, the daily maximum transfer limit is $50,000 USD.
- For corporate entities, the daily maximum transfer limit is $100,000 USD.
Other Guidelines:
- The CBN has also introduced a new requirement for all transactions above N5 million (approximately $12,500 USD) to be reported to the Financial Intelligence Unit (FIU) within 7 days.
- The CBN has also introduced a new requirement for all transactions above $50,000 USD to be reported to the FIU within 7 days.
Penalties:
- Failure to comply with these guidelines may attract penalties, including fines and imprisonment.
It's important to note that these guidelines are subject to change, and it's always best to check with the CBN or your bank for the most up-to-date information.