CBN Probes Banks Over Restrictions on Dollar, Pound Withdrawals

The Central Bank of Nigeria (CBN) is investigating allegations that some commercial banks are restricting customers' access to foreign currencies held in their domiciliary accounts.

A source close to the apex bank revealed that several complaints have been received from customers, citing 'practices and arrangements that may impede the timely and convenient fulfilment of legitimate withdrawal requests.'

The CBN is expected to direct banks to honour legitimate withdrawal requests and review practices that unnecessarily restrict or delay customers seeking to withdraw foreign currency from their domiciliary accounts.

Clients have reported being given transaction limits, told that US dollars or British pounds are unavailable, or offered only lower denominations. In one case, a customer was told they could only withdraw $3,000 instead of the requested $5,000.