Central Bank Introduces Revised Foreign Exchange Rules, Allows Transfer of Up to $50,000 in Cash

The Central Bank of Nigeria has introduced new Foreign Exchange Guidelines, which stipulate that individuals are permitted to transport cash of up to $50,000, provided it is declared at the point of exit.

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According to the guidelines, the previous provision allowing the movement or import of cash of up to $10,000 without declaration remains in place.

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A document outlining the guidelines states that foreign currency of up to $10,000 or its equivalent can be exported from Nigeria without declaration, while amounts between $10,000 and $50,000 must be declared at the point of exit.

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For amounts exceeding $50,000, evidence of the transaction or procurement through an Authorised Dealer is required, according to the guidelines.

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The guidelines also permit the import of foreign currency of up to $10,000 without declaration, while amounts above $10,000 must be declared at the point of entry.

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Authorised Dealer Banks are allowed to import foreign currency to meet local cash needs, subject to prior approval from the Central Bank of Nigeria.

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All inbound FX transfers to Nigeria must be disbursed to beneficiaries' bank accounts in Naira or any other currency as determined by the Central Bank of Nigeria.

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The guidelines set a maximum cash withdrawal limit of the Naira equivalent of USD200 for inbound money transfers, with excess amounts to be paid through an account.

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All International Money Transfer Operators must open Naira settlement accounts and route transactions through these accounts, which are maintained with Authorised Dealer Banks in Nigeria.

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Authorised Dealers and Buyers are permitted to purchase foreign currency from individuals visiting Nigeria, who can then exchange unutilized Nigerian currency for foreign currency at the time of their departure, provided there is evidence of initial conversion.