Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria

The CBN has set daily bank transfer limits to help reduce fraud and money laundering. By limiting the amount of money that can be transferred per day, the CBN makes it more difficult for criminals to steal money or launder large amounts of cash.

The daily bank transfer limits also help to protect consumers. If a criminal is able to hack into your bank account, they will only be able to transfer a limited amount of money before you are able to take action.

Do you ever wonder how much money you can transfer from your bank account in a day? This is an important question to know, especially if you are a business owner or someone who makes large transactions on a regular basis.

In this blog post, we will discuss the daily bank transfer limit for corporate, current, and savings accounts in Nigeria.

Daily Bank Transfer Limit for Corporate, Current and Savings Account in Nigeria

Corporate Account Transfer Limits

The Central Bank of Nigeria (CBN) has set a general daily transfer limit of N250,000,000 for corporate accounts in Nigeria. However, this limit may vary depending on your bank and the type of corporate account you have.

For example, some banks may offer higher daily transfer limits for corporate accounts that are used to pay employees or vendors. Other banks may offer lower daily transfer limits for corporate accounts that are used for personal expenses.

If you are unsure of the daily transfer limit for your corporate account, you should contact your bank. You can also visit your bank branch or call their customer care to get up-to-date information.

Current Account Transfer Limits

Current accounts are designed for businesses and organizations, offering more flexibility and higher transaction limits than savings accounts. However, the daily bank transfer limit for current accounts can vary depending on your bank.

The Central Bank of Nigeria (CBN) has set a general daily transfer limit of N25,000,000 for current accounts in Nigeria. However, some banks may offer higher or lower daily transfer limits for current accounts, depending on the type of account you have and your relationship with the bank.

Some banks may offer higher daily transfer limits for current accounts that are used to pay employees or vendors. Other banks may offer lower daily transfer limits for current accounts that are used for personal expenses. To determine the exact daily transfer limit for your current account, you should contact your bank. You can do this by calling their customer care line or visiting a branch office.

Savings Account Transfer Limits

The daily bank transfer limit for savings accounts in Nigeria varies depending on the bank and the type of savings account you have. However, the Central Bank of Nigeria (CBN) has set a general daily transfer limit of N25,000,000 (twenty-five million naira) for savings accounts.

Some banks may offer higher or lower daily transfer limits for savings accounts, depending on the customer's banking relationship and the specific features of the account. 

Cash withdrawal limit from banks per day in Nigeria

These limits were set by the Central Bank of Nigeria (CBN) in January 2022 as part of its efforts to reduce the amount of cash in circulation and promote the use of electronic payments.

Bank customers can only withdraw cash from ATMs, over-the-counter (OTC), and point-of-sale (POS) terminals up to the daily limits specified above. Any cash withdrawal above the daily limits will attract a processing fee of 5% and 10% for individual and corporate account holders, respectively. The daily limit is N100,000.

FAQS

Why are there daily bank transfer limits?

There are several reasons why banks have daily bank transfer limits. One reason is to prevent fraud. If someone were to steal your debit or credit card, they would not be able to transfer all of your money out of your account in a single day.

Another reason for daily bank transfer limits is to protect the financial system. If too much money were being transferred between banks in a single day, it could put a strain on the system and make it difficult for banks to process transactions.

What is the transfer limit for corporate account in Nigeria?

The transfer limit for corporate accounts in Nigeria is N3,000,000 per day. This limit is set by the Central Bank of Nigeria (CBN). However, some banks may offer higher or lower transfer limits for corporate accounts, depending on the type of account and the customer's banking relationship.

What is the transaction limit for current account in Nigeria?

The transaction limit for a current account in Nigeria is N25,000,000 (twenty-five million naira) per day. This is the maximum amount of money that can be transacted from a current account in a single day, including withdrawals, deposits, and transfers.

How can I increase my daily bank transfer limit?

A: If you need to increase your daily bank transfer limit, you can contact your bank and request an increase. Your bank may approve your request, but they may also ask you to provide additional information, such as your income and expenses.

How much money can be transferred from current account to current account?

The maximum amount of money that can be transferred from a current account to a current account in Nigeria is N25,000,000 (twenty-five million naira) per day. This is the same as the daily transaction limit for current accounts.

Conclusion

Daily bank transfer limits are set by the CBN to help reduce fraud and money laundering. The daily transfer limits for corporate, current, and savings accounts in Nigeria are N3,000,000, N500,000, and N100,000, respectively.

If you need to transfer more money than the daily limit allows, you can request a limit increase from your bank. To do this, you will need to provide your bank with a reason for the increase and documentation to support your request.