CBN Probes Banks Over Foreign Currency Account Restrictions

The Central Bank of Nigeria (CBN) has launched an investigation into commercial banks accused of restricting customers from accessing their foreign currency accounts. The CBN received complaints from customers who were unable to access their own foreign currency funds despite satisfying the required conditions.

According to banking sources, some financial institutions may be trading available foreign currency cash rather than releasing it to customers, generating additional income for the banks.

Customers across Nigeria described a range of tactics being used to limit their access to cash. Some were told that US dollars or British pounds were simply not available, while others were offered only smaller denominations, making larger withdrawals cumbersome.

The CBN's investigation centers on how banks are handling foreign currency cash requests, separate from the revised naira cash withdrawal policy that took effect in January 2026. The regulator's own published guidance makes clear that naira withdrawal limits do not cover foreign currency accounts.