The Central Bank of Nigeria (CBN) has introduced a new policy limiting the foreign exchange cash sales by Bureau de Change operators to $5,000 per transaction.
This measure, part of the 2024/2025 Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines, is intended to ensure stability and transparency in Nigeria’s foreign exchange market.
The CBN also emphasized that foreign exchange dealers must report the sources and usage of funds to maintain accountability.
The guidelines also require travelers entering or leaving Nigeria with more than N100,000 or $10,000 to declare these amounts at the borders.
This declaration, aimed at enhancing transparency and collecting data on currency movement, must be made using the Travel Import and Export forms.
The CBN retains the right to adjust these thresholds in the future to meet policy needs.
Additionally, the CBN reinforced the advance payments cap for imports at 15% of the transaction’s free-on-board value.
The new guidelines also set caps for business and personal travel allowances, restricting them to $5,000 and $4,000 per quarter, respectively.
Despite some opposition from Bureau de Change operators, the CBN maintains that these changes will streamline operations and improve financial accessibility.