The New Central Bank of Nigeria Currency Laws That You Have To Know

Be aware of the law so that  you may enjoy your Nigeria trips:


Be aware of the law that you may enjoy your Nigeria trips:

CBN has banned US$ Domiciliary accounts in Nigeria. Aug, 2015;

1. BTA is reduced from $10,000 to US$1,500 for personal trip, $2,500 for business trip with provision of visa and passport for proof before CBN will approve such BTA in US$ cash.

2. Till further notice, Bureau De Change is dead in Nigeria! Nobody goes around looking for US dollars again? For what?

3.The ban was intentional to hit those politicians with large sum of US$ sitting in the bank accounts in Nigeria and to strengthen Naira.

4. If you want anyone to wire money (Naira or dollars) to you abroad from Nigeria, for you to receive US$ in your bank account abroad, the sender must fill a form called "form A" at Nigerian bank that will require CBN approval for money in US$ for school fees, medical expenses, house mortgage abroad only to be permitted. Any other reasons, not permitted till further notice!

5. Nigerians abroad will still be able to send money home using Bank to Bank Wire Transfers and Western Union but you will only receive Naira equivalent not US dollar.

6. US$ currency cannot be lodged / deposited or withdrawn as US$ cash anymore in Nigeria except it's converted to Naira.

7. The maximum $US notes you can travel with into Nigeria is $2,500 which you have to declare at the Nigerian point of entry at the henceforth.

Be careful, don't get arrested, don't get your hard earned money confiscated because ignorance of the law is not an excuse.

Courtesy of Mike Adeniyi
Caveat on Opinions, Editorials, and Submissions:
African Events .com is committed to fair and healthy dialogue on African affairs, events, news, and culture. The opinions shared on African Events .com do not necessarily represent the views of African Events .com but may have been shared to encourage fair and healthy dialogue and to foster improved human and socio-economic existence and relations.



No Comments Yet.

Leave a comment