Nigeria is not healthy. And the Central Bank of Nigeria (CBN) is applying panadol even when it knows that panadol has no chance of providing any cure. A few weeks ago, we got the news that commercial banks would only allow a maximum of $10,000 monthly (cash) deposit within Nigeria. Today, the latest is that the apex bank has adjusted that to $5,000.
Left and right, the apex bank is trying to wean Nigerians of US dollars. There are many consequences already, as most of the fintech trading foreign apps have been wounded, since their customers cannot fund dorm accounts for the transactions. A peer to peer is never efficient when you want to do fairly big deals.
“There is a $5,000 monthly cash deposit limit. We encourage you to make more deposits via electronic transfers. Cash funded transfers to beneficiaries with accounts in other banks in Nigeria are no longer allowed. There will be no restriction to the frequency or value of transactions for accounts funded through inflows but supporting documents are required before payments are processed. Cash deposits are no longer allowed for Wealth Management Investments.”
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