CBN Probes Banks Over Restrictions on Dollar, Pound Withdrawals

The Central Bank of Nigeria (CBN) is investigating allegations that some commercial banks are restricting access to foreign currencies in domiciliary accounts. According to a source close to the apex bank, several customers have complained about limits on cash withdrawals and practices that make it difficult to access legitimate funds.

The CBN has received complaints from customers in Lagos and other parts of the country who claim that banks have adopted different approaches to limiting foreign currency withdrawals. Some customers report being given transaction limits, while others say they were told that US dollars or British pounds were unavailable.

A source close to the CBN said that some bank practices are unacceptable, particularly where customers have met the applicable requirements for withdrawing funds from their domiciliary accounts.