The Central Bank of Nigeria has announced that there will be no deposit limit account with banks following plans to introduce new banknotes to replace the current N200, N500 and N1,000 Notes.
The apex bank has proceeded to answer some most likely asked questions from customers in a FAQ statement signed by the CBN Head Client Experience & Process Improvement.
On the question of boxing cash with banks to be paid in tranches on customer behalf, the bank said that won’t be possible as all cash deposits will be lodged into the clients’ accounts at once.
CBN added that deposit can be made into an account without incomplete documentation, however, regularization has to be made with the outstanding before it can be accessed.
According to the CBN, deposit of any amount can be made into the Tier 1, Tier 2 and Tier 3 account of a customer within this period of demonetization. However, there is need to upgrade one’s account to access withdraw amounts greater than the set tiered withdrawal limits.
On the other hand, withdrawal cannot be achieved with incomplete documentation.
More so, CBN maintained that it is recommended that every client opens an account with the bank and lodge in money to their personal accounts rather than lodge money on behalf of a friend/family that has no account with the bank.
Accounts can be opened same day and lodgement made.
CBN stated that they will provide more clarity via email in the coming days but in the mean time, more information can be gotten through the bank’s Relationship Manager or via the Call Centre on 2704611-4.
