Economy – Central Bank of Nigeria sets limit for Deposit for all accounts with additional regulations

The central bank of Nigeria (CBN) has announced that the maximum amount that can be paid into an old account must not exceed 50million and 5 million for a new account.

This comes in the wake of the announcement of redesign of naira notes by the financial institution.

CBN Director of Currency, Ahmed B. Umar,who issued the directive said that individuals will not be allowed to deposit more than N5 million if the transaction involves a new account in one month and if the transaction involves an old account, then only a maximum of N50 million will be allowed.

In the same vein he also warned that those with multiple accounts will be monitored via the Bank Verification Number (BVN).

Source : RegTech Africa