CBN Launches Investigation into Banks' Domiciliary Account Limits

The Central Bank of Nigeria (CBN) has initiated an investigation into commercial banks accused of unlawfully restricting customer withdrawals from domiciliary accounts. Customers have lodged complaints regarding their inability to access foreign currency funds despite meeting necessary conditions.

The CBN deems these restrictions unacceptable and is preparing to issue directives requiring banks to revise their procedures to eliminate unnecessary delays for legitimate withdrawal requests. Reports indicate that customers have encountered various tactics limiting cash access, including being offered only smaller denominations or being told that larger amounts were unavailable.

For instance, one customer was informed that only $3,000 could be processed from a requested $5,000, while another was told to return later for dollar availability. The CBN's investigation focuses on how banks are managing foreign currency cash requests, separate from its revised naira withdrawal limits effective January 2026, which do not apply to foreign currency accounts.