The Central Bank of Nigeria (CBN) is investigating complaints from customers who say some commercial banks are restricting access to cash in their domiciliary accounts.
The complaints reportedly concern withdrawals of foreign currencies, particularly US dollars and British pounds. Some customers claim they have faced withdrawal limits, been told that certain currencies were unavailable or offered only smaller denominations when requesting cash.
According to reports, some banks have allegedly imposed over-the-counter withdrawal limits, with customers in some cases being told that they could not withdraw the full amount requested.
One customer reportedly sought to withdraw $5,000 from an old-generation bank but was told that only $3,000 could be made available. At another bank, a customer requesting US dollars was reportedly informed that the currency was unavailable and advised to return later.
However, other customers reportedly completed dollar withdrawals at different branches, highlighting differences in cash availability and withdrawal practices among banks.
A source said to be familiar with the matter told Financial Vanguard that the CBN had received complaints from members of the public and was examining the concerns.
The source said the complaints included allegations that some banks were making it difficult for customers to access foreign currency cash even when their withdrawal requests met applicable requirements.
The CBN is reportedly considering measures to ensure that banks properly process legitimate withdrawal requests and comply with the rules governing domiciliary accounts.
The report also cited banking sources who alleged that some banks may be retaining available foreign currency cash for other transactions rather than releasing it to customers. This remains an allegation and has not been independently established.
The reported situation has raised concerns among domiciliary account holders who expect reasonable access to their legitimate foreign currency deposits.
Any directive issued by the CBN would be expected to clarify the obligations of banks and the circumstances under which foreign-currency cash withdrawals can be restricted, while taking into account applicable banking and foreign-exchange regulations.
