The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. With the new policy, bank customers have now been categorised into Low Value Accounts (Level One); Medium Value Accounts (Level two) and High Value Accounts (Level three).
For Low Value Account holders, the policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time. For Medium Value Account holders, a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000. However for the High Value Account, no limit is placed on cumulative balance.
For Low Value Account holders, the policy pegs a maximum single deposit amount of N20,000 and maximum cumulative balance of N200,000 at any point in time. For Medium Value Account holders, a maximum single deposit of N50,000 and a maximum cumulative balance of N400,000. However for the High Value Account, no limit is placed on cumulative balance.
