New foreign currency deposit guidelines are released by the CBN.

Back to Business on The Move
New foreign currency deposit guidelines are released by the CBN.

Share this post

New foreign currency deposit guidelines are released by the CBN.

CBN act

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.

In circular no: COD/DIR/INT/CIR/001/016 issued by the Director of Currency Operators Mr. Mohammed Solaja seen on the bank’s website,  it 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 make.

Speed Painting, like medicine, leaves no room for error — Dr. Ojeabuo, A Speed Painter

Such foreign currency deposits can only be made at the CBN branches at Abuja and Lagos.

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

The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.

British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.

According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

Leave a Reply

Your email address will not be published.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

Back to Business on The Move