Reports have surfaced that various banks are employing tactics to impose total or partial restrictions on cash withdrawals from foreign currency accounts. Customers have shared their frustrations with Financial Vanguard, detailing inconsistent withdrawal policies across different banks.
A visit to several banks in Lagos confirmed these practices, with customers reporting varied experiences. While some banks limit transaction amounts, others claim foreign currencies, particularly US dollars and British pounds, are unavailable.
Some banks have resorted to dispensing only lower denominations, such as $20 notes, which many customers perceive as a strategy to discourage withdrawals. One dissatisfied customer explained that banks appear to comply with CBN regulations on the surface while effectively restricting access to funds.
For instance, Adebayo Ayomide, a customer at an old-generation bank, was told that despite requesting $5,000, he might not be able to withdraw even $3,000 the following day. Another teller at a new-generation bank suggested that customers keep returning in hopes of better availability.
Customers have also speculated that banks prioritize certain clients, with claims of friends receiving larger sums, raising suspicions of preferential treatment. This has heightened dissatisfaction among those who feel their rights to access their funds are being undermined.
A source close to the CBN revealed that the central bank is aware of these practices and is preparing measures to address them. The source emphasized that the illegal withholding of funds will not be tolerated, and banks must comply with withdrawal regulations.
The CBN has received multiple complaints regarding difficulties in accessing funds in domiciliary accounts, prompting an investigation into the matter. A circular is expected soon, instructing banks to cease practices that unnecessarily delay or restrict legitimate withdrawal requests.
Concerns are also growing that some banks may be trading with foreign currency cash rather than dispensing it to customers, potentially increasing profits at the expense of account holders. This revelation has further intensified scrutiny of banks and their operations.
As the CBN moves to protect customers' rights, stakeholders in the banking sector are urged to adhere to regulations and ensure equitable access to foreign currency accounts. The upcoming circular aims to restore trust and transparency in the banking system.
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