CBN unveils new forex guidelines: Travellers can now take up to $50,000 out of Nigeria
By Aboki Forex —
The Central Bank of Nigeria (CBN) has released new foreign exchange guidelines for travellers. The rules change how much cash you can carry in and out of the country.
What you can take out
Individuals can now leave Nigeria with up to $10,000 or its equivalent in other currencies without any declaration. Amounts above $10,000 and up to $50,000 must be declared at the point of departure. Anyone seeking to move more than $50,000 out of the country must provide proof that the funds came from an authorised dealer like a licensed bank.
What you can bring in
For incoming travellers, foreign currency not exceeding $10,000 can be brought in without declaration. Any amount above that must be declared upon arrival. The CBN also said foreign currency previously brought into the country, minus expenses already spent, can be taken out again. This excludes funds held for ship or aircraft operations.
New rules for bank transfers and IMTOs
The guidelines require all inbound foreign exchange transfers to Nigeria above the equivalent of $200 to be paid into bank accounts. Cash withdrawals for international money transfer transactions are now capped at the naira equivalent of $200. Any amount above that must be credited directly into a bank account.
International Money Transfer Operators (IMTOs) must maintain naira settlement accounts with authorised dealer banks. All transactions must be processed through those designated accounts.
Buying and selling foreign currency
Authorised dealers and buyers can now purchase foreign currency from visitors entering Nigeria. When departing, visitors can convert any unused naira back into foreign currency. They must show evidence of the original currency exchange transaction. The amount eligible for reconversion is limited to the value initially exchanged through an authorised dealer or buyer.
The CBN also said authorised dealer banks may import foreign currency to meet domestic cash demand. They need prior approval from the CBN before doing so.