Header Ads

Bank Places New Limit On Domiciliary Accounts Withdrawal

 Banks have begun to place new limits on transfers domiciliary accounts holders can make from cash their cash lodgements.


The limits range from $5,000 to $10,000, according to findings by our correspondents.

A circular from one of the banks obtained by one of our correspondents on Friday said,

“The maximum limit for foreign currency transfers by cash deposits is now $5,000 per month.

“This means that only a maximum of $5,000 monthly will be allowed for transfers if the source of funds is a cash deposit into a domiciliary account.

“Cash deposits of foreign currencies other than USD may be paid into domiciliary accounts (subject to an equivalent of $5,000 monthly limit) but will not be allowed for transfer purposes.”

It was learnt that this was in accordance with a 2020 circular of the Central Bank of Nigeria. A portion of the circular said, “Ordinary Domiciliary Accounts:

Where accounts are funded by electronic/wire transfer, account holders will be allowed unfettered and unrestricted use of these funds for eligible transactions.

Where accounts are funded by cash lodgments, existing regulation will continue to apply.”

However, a source in another bank told one of our correspondent that the transfer limit was $10,000.

Cash lodgement of up to $10,000 cannot be transferred electronically to another account but can only be withdrawn through cash, a source from one of the banks told our correspondent on Friday.

The source noted that there was no daily limit of dollars that a person could deposit in the account.

According to the source, when a huge cash dollar deposit is made, it must also be withdrawn by cash.

The source said, “There is no law stopping anybody from lodging more than $5,000 or $10,000 into your account in cash. But what you need to note is that if you lodge more than $10,000 into your account, you cannot transfer that money, you can only withdraw that same cash based on availability. The bank needs to source the money to give it to you in cash.”

Scarce foreign exchange earnings had forced the banks and the CBN to adopt a number of policies aimed at preserving limited available foreign currencies.

These policies include currency swap with China and the recent naira for dollar incentive for customers that send forex through official channels.



No comments

Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.

We will also try as much as possible to optimize your post for search engines as well.

Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.

2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.

Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.

Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to omodjk(at)gmail(dot)com

Normally, we should respond within 48 hours.