CBN Sets 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.