Image credit : CBN
The Central Bank of Nigeria (CBN) has issued fresh guidelines for bringing in and taking out foreign currencies by individuals.
In the document, Foreign Exchange Manual 4th edition , released yesterday, the apex bank directed that such cash must be declared at the point of exit.
According to the document, “The following may be exported from Nigeria: Without declaration, foreign currency, either in cash or any other credit instruments not exceeding $10,000.00 or its equivalent in other foreign currencies.
“Any amount in excess of $10,000.00 but not more than $50,000.00 or its equivalent in other foreign currencies, provided the whole amount is declared at the point of exit.
“Any amount above $50,000.00 or its equivalent in other foreign currency, subject to evidence of transaction/procurement through an Authorised Dealer.“Foreign currency, drafts, etc, brought into the country less expenses incurred, except foreign currency held as a ship or aircraft fund.”
