Again The Central Bank of Nigeria (CBN) have restricted foreign transfers from domiciliary accounts to $10,000 per month. The apex bank has been on series of regulations since 2015 as an oversight on the foreign exchange market. In a mail sent out to customers, commercial banks have started compliance December 1. A sample of an email sent out by Stanbic IBTC Bank Plc reads thus:
Thank you for banking with us. We write to inform you that foreign transfers from domiciliary accounts on the back of funding through cash deposits is now restricted to a maximum of Ten Thousand Dollars ($10,000) monthly per customer. This adjustment applies to all customers irrespective of the number of accounts operated and will take effect from 01 December, 2016.
However we will continue to accept cash deposits to domiciliary accounts in line with subsistent regulatory guidelines. For further enquiries on this revision as well as our bouquet of products and services, please call 01 270 9676, email CustomerCareNigeria@stanbicibtc.com or visit the branch nearest to you.
Stanbic IBTC Bank PLC