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The CBN has introduced new foreign exchange guidelines allowing travellers to take up to $50,000 out of Nigeria Any cash exceeding $50,000 can only be exported with proof that it was obtained through an authorised dealerThe guidelines also require most inbound foreign exchange transfers above the equivalent of $200 to be paid into bank accounts and mandate IMTOs
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The Central Bank of Nigeria (CBN) has released new foreign exchange guidelines outlining how much cash travellers can bring into or take out of the country, while reinforcing reporting requirements for larger sums.
Under the revised rules, individuals can leave Nigeria with up to $10,000 or its equivalent in other foreign currencies without making any declaration. However, amounts above $10,000 and up to $50,000 must be declared to the relevant authorities at the point of departure.
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