The Central Bank of Nigeria (CBN) is investigating complaints that some commercial banks are restricting customers’ access to cash in their domiciliary accounts.
Customers in Lagos and other parts of the country have complained of banks imposing withdrawal limits, claiming that dollars and other foreign currencies are unavailable or offering only lower denominations.
Some customers said banks had limited over-the-counter dollar withdrawals to amounts such as $1,000 or $3,000, while others were told to return another day because the requested currency was unavailable.
The development is coming despite the CBN’s 2026 Foreign Exchange Manual, which provides ordinary domiciliary account holders access to their foreign-currency balances for legitimate transactions.
A source close to the apex bank disclosed that the CBN had received complaints from customers over difficulties accessing cash from their domiciliary accounts.
According to the source, the regulator is considering measures to stop practices that unnecessarily restrict or delay legitimate withdrawal requests.
The source said banks could be directed to review their procedures and ensure legitimate requests are properly honoured.
The CBN’s revised cash policy, effective from January 2026, also states that its weekly cash withdrawal limits for individuals and businesses apply to naira withdrawals and do not apply to foreign-currency withdrawals.
Some banking sources, however, alleged that banks may be holding or trading some of their available foreign-currency cash instead of dispensing it to customers.
The allegation has heightened concerns among domiciliary account holders who expect access to their legitimate foreign-currency deposits when they make withdrawals in line with applicable banking requirements.
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