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Tuesday, March 28, 2023

Banks Resume Online Dollar Transfers Following CBN Approval

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Nigerian banks are now allowing customers to initiate domiciliary online account transfers on their online Banking platforms MoneyCentral has learnt.

“This is part of moves by the Central bank of Nigeria (CBN) to further bring liquidity to the FX markets and reduce pressure on the naira,” a banking source told MoneyCentral.

The Domiciliary Account Transfer feature on Online Banking platforms were temporarily inaccessible after a directive from the CBN.

With the resumption of online transfers some of the rules that apply include:

  • Daily limit of $10,000 (inflow/cash deposit)
  • Monthly cumulative inflow of $20,000 (cash deposit)
  • For outflows purpose of payment MUST BE STATED
  • All supporting documents for foreign currency transfers to third parties such as: Form M, Form A, Proforma invoice, Medical, insurance, school fees and others MUST be reported.
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