CBN Investigates Banks Over Restrictions on Domiciliary Account Withdrawals

The Central Bank of Nigeria is investigating complaints that some commercial banks are limiting customers’ access to foreign currency held in domiciliary accounts. Customers reportedly face withdrawal caps, claims of unavailable US dollars and pounds, or are offered lower-denomination notes. At some Lagos branches, account holders alleged that foreign currency was available only to selected customers despite being denied to others. A source familiar with the matter said the CBN may issue a directive requiring banks to honour legitimate foreign-currency withdrawal requests without unnecessary delays. The regulator is also examining allegations that some banks may be using customers’ foreign-currency deposits for trading rather than keeping them available for withdrawal.

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