From now on, any bank customers transferring N1 million or above have to pay insurance or indemnity on such transfers.The Central Bank of Nigeria issued the new directive and said that customers and businesses will bear the loss or risk arising from moving large sums.

The Central Bank of Nigeria has issued a new directive to banks asking them to charge indemnity on transfers above N 1 million for individuals and N10 million for corporate bodies. 

The new rule also pegged a higher limit on transfers above N200 million for individuals and N250 million for corporate organisations The order is meant to insulate the banks from any loss or risks associated with the transactions and place the liability on the customers PAY. 

Nigeria’s apex bank, the Central Bank of Nigeria has issued a new directive mandating bank customers to pay indemnity on bank transfers above N1 million for individuals and N10 million for corporate organizations. The CBN pegged an upper limit on the amount transferable at N25 million and N250 million for individuals and corporate customers respectively.