Banks Place Limits On Domiciliary Accounts Transfers

According to a report by The PUNCH, Nigerian banks have begun to place new limits on transfers domiciliary accounts holders can make from cash their cash lodgements.

The limits range from $5,000 to $10,000, according to findings by our correspondents.

A circular from one of the banks obtained by one of our correspondents on Friday said, “The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

“This means that only a maximum of $5,000 monthly will be allowed for transfers if the source of funds is a cash deposit into a domiciliary account.

“Cash deposits of foreign currencies other than USD may be paid into domiciliary accounts (subject to an equivalent of $5,000 monthly limit) but will not be allowed for transfer purposes.”

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