Cnb new rule on deposit and withdrawal

You're referring to the new rules on deposit and withdrawal limits imposed by the Central Bank of Nigeria (CBN)!

As of 2022, the CBN introduced new guidelines for deposit and withdrawal limits in Nigeria. Here are the key changes:

Deposit Limits:

  1. For individuals: N5 million (approximately $12,500 USD) per day
  2. For corporate entities: N10 million (approximately $25,000 USD) per day

Withdrawal Limits:

  1. For individuals: N10,000 (approximately $25 USD) per day
  2. For corporate entities: N500,000 (approximately $1,250 USD) per day

Additional Requirements:

  1. All deposit and withdrawal transactions above the specified limits must be done in person at the bank, with the account holder present.
  2. The account holder must provide valid identification and proof of ownership of the account.
  3. The bank must verify the account holder's identity and ensure that the transaction is legitimate.

Exceptions:

  1. The CBN has exempted certain transactions from these limits, including:
    • Government transactions
    • Transactions related to the sale of foreign exchange
    • Transactions related to the settlement of international trade
    • Transactions related to the settlement of foreign investment
  2. The CBN may also grant exemptions to individuals or corporate entities on a case-by-case basis, subject to certain conditions.

Purpose of the New Rules:

The CBN introduced these new rules to combat money laundering, terrorist financing, and other financial crimes. The measures aim to improve transparency, accountability, and the overall stability of the financial system in Nigeria.

Please note that these rules are subject to change, and it's essential to stay informed about any updates or modifications to the regulations.