CBN Set New Rules For Banking
The Central Bank of Nigeria (CBN) has set new deposit limits for all categories of account holders and has introduced three-tier “Know Your Customer” (KYC) requirements for banks.
The policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time on the Low Value Account.
It also places a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000 on the Medium Value Account. However for the High Value Account, no limit is placed on cumulative balance.
The policy also categorized bank customers into Low Value Accounts (level one); Medium Value Accounts (level two) and High Value Accounts (level three).
In a circular to all banks and other financial institutions the Apex Bank explained that the policy became exigent after the CBN recognized that access to basic banking facilities and other financial services is necessary in achieving the policy on financial inclusion.
Culled from: Naij
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Posted by Online Editor 14
on Jan 25 2013. Filed under AFRICA, ANNOUNCEMENT, BANKING, FOR THE RECORDS, From The Press, Front Page Story, NEWS, News Across Nigeria, South West News, Tits Bits.
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Something is wrong with Sanusi’s idea about deposit limit. People should be allowed to deposit any amount of money in their accounts as long as they are real people. However, banks should act prudently by ensuring that the right agency monitors whoever has an unusual large deposits. As good as monitoring may sound, the unfortunate thing is some bank workers in Nigeria connive with criminals. A click on news reports online will provide evidence for this claim.