Central Bank of Nigeria (CBN) has directed that individuals can only deposit N5 million for new accounts and N50 million for old accounts in one month.
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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.
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He also warned that those with multiple accounts will be monitored via the Bank Verification Number (BVN).
