- The CBN has introduced new foreign exchange guidelines allowing travellers to take up to $50,000 out of Nigeria
- Any cash exceeding $50,000 can only be exported with proof that it was obtained through an authorised dealer
- The guidelines also require most inbound foreign exchange transfers above the equivalent of $200 to be paid into bank accounts and mandate IMTOs
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has released new foreign exchange guidelines outlining how much cash travellers can bring into or take out of the country, while reinforcing reporting requirements for larger sums.
Under the revised rules, individuals can leave Nigeria with up to $10,000 or its equivalent in other foreign currencies without making any declaration. However, amounts above $10,000 and up to $50,000 must be declared to the relevant authorities at the point of departure.
Source: UGC
The guidelines further state that anyone seeking to move more than $50,000 out of the country must provide evidence that the funds were obtained through an authorised dealer, such as a licensed bank.
For incoming travellers, the CBN maintained that foreign currency not exceeding $10,000 can be brought into Nigeria without declaration. Any amount above that threshold must be declared upon arrival.
The apex bank also clarified that foreign currency previously brought into the country, minus expenses already incurred, may be taken out again. This excludes funds held for ship or aircraft operations.
Rules for Transfers and Money Transfer Operators
According to the new framework, authorised dealer banks may import foreign currency to meet domestic cash demand, but only after obtaining prior approval from the CBN.
The guidelines also stipulate that all inbound foreign exchange transfers to Nigeria must be paid to beneficiaries through bank accounts, either in naira or any other currency approved by the CBN from time to time.
For international money transfer transactions, cash withdrawals are now capped at the naira equivalent of $200. Any amount exceeding that limit must be credited directly into a bank account.
In addition, International Money Transfer Operators (IMTOs) are required to maintain naira settlement accounts with authorised dealer banks in Nigeria and ensure all transactions are processed through those designated accounts.
The CBN further noted that authorised dealers and buyers are permitted to purchase foreign currency from visitors entering Nigeria.
When departing, such visitors may convert any unused naira back into foreign currency, provided they can show evidence of the original currency exchange transaction.
The amount eligible for reconversion will be limited to the value initially exchanged through an authorised dealer or buyer, depending on the channel used.
CBN launches Payment System Vision 2028
Meanwhile, Legit.ng earlier reported that the CBN launched Payment System Vision 2028 to increase financial inclusion to 95% of Nigerian adults by 2028.
The initiative aims to bring about 50 million more Nigerians into the formal financial system through improved digital payment services and infrastructure.
The CBN also plans to deploy over 10 million digital payment points nationwide and strengthen fraud prevention using artificial intelligence.
Source: Legit.ng
