Naira Redesign: CBN limits cash deposits for individual accounts

Central Bank of Nigeria (CBN) has directed that individuals can only deposit N5million for new accounts and N50million for old accounts in one month.

CBN Director of Currency, Ahmed B. Umar,who issued the directive said that individuals will not be allowed to deposit more than N5 million if the transaction involves a new account in one month and if the transaction involves an old account, then only a maximum of N50 million will be allowed.

He also warned that those with multiple accounts will be monitored via the Bank Verification Number (BVN).