CBN probes banks’ restriction of customers’ access to forex accounts

The Central Bank of Nigeria (CBN) is probing banks' restriction of customers' access to foreign exchange accounts. The apex bank plans to issue a circular to commercial banks compelling them to honour all legitimate withdrawal requests from domiciliary accounts and dispense foreign currencies as requested. Several bank customers have reported that banks impose total or partial restrictions on cash withdrawals from their foreign currency accounts. A visit to some banks in Lagos confirmed the practice exists to varying degrees.

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