CBN Issues Fresh Guidelines For Foreign Currency Deposit

CBN directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

The Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank.

This directive was contained in a circular issued by the Director of Currency Operators, Mohammed Solaja and posted on the bank’s website on Friday.

CBN disclosed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily, saying such foreign currency deposits can only be made at the CBN branches in Abuja and Lagos.

“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank,” the circular read.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

In the circular with reference number, COD/DIR/INT/CIR/001/016, the apex bank directed DMBs must notify the apex in writing of its intention to make such deposits, at least three working days before such a deposit is made.

According to the apex bank, smaller denominations of $20 notes and below would be at a maximum of $1 million daily.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts

Security

Nigerian Police Arrest Five-Man ‘One Chance’ Gang In Rivers

Police say a preliminary investigation is ongoing, with the suspects and the recovered vehicle currently in police custody. The Rivers State Police Command has announced the arrest of a 5-man gang that specialises in opportunistic robbery of innocent commuters in Port Harcourt, popularly known as ‘One Chance’. Confirming this via a statement, the Command’s spokesperson, […]

Read More
Security

Nigeria police arrest 1,088 financial crime suspects, recover $11m, ₦142bn

The Nigeria Police Force has arrested no fewer than 1,088 suspects linked to financial crimes in separate operations across the country in 2024, recovering $11.45 million and ₦142.26 billion in the process. The Force Public Relations Officer, Olumuyiwa Adejobi, disclosed this in a statement released Tuesday, highlighting the arrests and recoveries as part of efforts […]

Read More
Security

FCT police arrests suspect for k$lling man over plans to marry a woman he had heavily invested on financially

Nigerian FCT police command have arrested a notorious gang leader, Abubakar Idris (AKA Nishi) and his accomplices, Buhari Saidu and Musa Ahmadu Suleiman, over the gruesome m$rder of one Ibrahim Danfulani. A statement released by the spokesperson of the command, SP Josephine Adeh, said the incident, which took place on the 27th of November, 2024, […]

Read More