Deposit Money Banks in Nigeria have reduced the maximum cash dollar deposit permitted for domiciliary accounts from $10000 to $5000.
Customers were also advised to transfer funds electronically instead of direct deposits. With cash-funded transfers to Beneficiaries in other banks discontinued.
Deposits in excess of $5000 will now be subject to review at the head office and must be supported with relevant documents before approvals.
It is believed that this is in a bid to limit the speculative dollar demand by restricting the deposit of cash into domiciliary accounts, thus stifling the informal exchange of the dollar.
