The Central Bank of Nigeria (CBN) has released updated Foreign Exchange guidelines, introducing new limits for the movement of foreign currency in and out of the country.
Under the revised framework, individuals are permitted to export up to $50,000 in cash, provided the amount is duly declared at the point of exit.
The guidelines also retain a provision allowing travellers to move up to $10,000 without declaration.
The CBN stated that any amount above $10,000 but not exceeding $50,000 must be declared at departure, while sums above $50,000 must be supported with evidence of transaction or procurement through an authorised dealer.
It further clarified that inbound and outbound cash movements must comply with strict declaration and banking procedures aimed at improving transparency in foreign exchange flows.
The apex bank also directed that all inbound foreign currency transfers must be credited directly into beneficiaries’ accounts in naira or any other currency as determined by regulatory policy.
It added that maximum cash withdrawal from inbound money transfers shall not exceed the naira equivalent of $200, with excess amounts to be paid through bank accounts.
According to the document, which outlines compliance obligations for authorised dealers and international money transfer operators, all transactions must be routed through approved settlement channels within Nigeria’s banking system.
