CBN unveils new FX guidelines, approves cash movement of $50,000
Central Bank of Nigeria Issues New Foreign Exchange Guidelines
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) has released updated foreign exchange guidelines, allowing individuals to carry cash amounts up to $50,000 when exiting the country, provided this sum is declared at the point of departure.
The updated regulations also maintain a provision that facilitates the movement of cash amounts up to $10,000 without the necessity of declaration. According to a document referenced by Vanguard, travelers may export foreign currency—either cash or other credit instruments—up to this limit without formal notification.
For amounts exceeding $10,000 but not exceeding $50,000, travelers are required to declare the total sum during exit. Anything above $50,000 necessitates evidence of a transaction or purchase through an Authorised Dealer.
The guidelines further stipulate that foreign currency or drafts brought into Nigeria are subject to expenses incurred, with the exception of funds held for maritime or aviation operations. Additionally, individuals may import cash amounts up to $10,000 or its equivalent without declaration, but amounts exceeding this limit must be declared upon entry.
Authorised Dealer Banks are permitted to import foreign currencies to satisfy local cash demands, subject to prior approval from the CBN. Furthermore, the guidelines state that all inbound foreign exchange transfers to Nigeria must be disbursed to beneficiaries’ bank accounts in Naira or other currencies determined by the CBN.
The guidelines specify that the maximum cash withdrawal for incoming money transfers cannot exceed the Naira equivalent of $200, with any excess required to be deposited into an account. International Money Transfer Operators (IMTOs) are mandated to open Naira settlement accounts and ensure transactions are processed through designated banking partners in Nigeria.
Under the new rules, Authorised Dealers and Buyers may acquire foreign currency from visitors to Nigeria. Upon departure, these visitors can exchange any unused Nigerian currency for foreign currency, contingent upon documentation of prior conversion. This exchange is limited to the initial amount converted if conducted through an Authorised Dealer.
For more details, refer to the full article on Vanguard News.
