The Central Bank of Nigeria has released updated foreign exchange guidelines. Individuals can now carry up to $50,000 in cash when leaving the country, as long as they declare the full amount at the exit point.
The bank kept its earlier rule in place. People can still import or export up to $10,000 in cash without any declaration.
The guidelines spell out what can leave Nigeria. Foreign currency in cash or other instruments worth $10,000 or less, or its equivalent in other currencies, can go out without declaration.
Any amount over $10,000 but not exceeding $50,000, or its equivalent, must be fully declared at the point of exit.
Sums above $50,000 require proof of the transaction or procurement through an authorised dealer.
Foreign currency, drafts and similar items brought into the country can be taken out again, minus expenses incurred, except for any held as a ship or aircraft fund.
A person can bring up to $10,000 or its equivalent into Nigeria without declaration. Anything above that level has to be declared at the point of entry.
Authorised dealer banks may import foreign currency to cover local cash needs, but only with prior approval from the CBN.
All inbound FX transfers to Nigeria must be paid into beneficiaries’ bank accounts in naira, or in any other currency the CBN may specify from time to time.
The maximum cash withdrawal allowed on an inbound money transfer is the naira equivalent of $200. Any amount above that has to be credited to an account.
All IMTOs must open naira settlement accounts and route every transaction strictly through those designated accounts at authorised dealer banks in Nigeria.
Authorised dealers and buyers can purchase foreign currency from visitors to Nigeria. When those visitors depart, they may convert any unused naira back into foreign currency if they can show evidence of the initial exchange.
The exchange is limited to the amount originally converted on entry when done through an authorised dealer. An authorised buyer can handle the unutilised balance of the converted amount.
