CBN raises foreign currency export threshold to $50,000 with mandatory declaration

The Central Bank of Nigeria (CBN) has introduced new foreign exchange regulations allowing individuals to leave the country with up to $50,000 in cash, provided the funds are declared to authorities at the point of departure.

The revised guidelines, which seek to streamline foreign exchange transactions and cash movements across Nigeria’s borders, retain the existing provision permitting travelers to carry up to $10,000 or its equivalent in foreign currency without declaration.

Under the new framework, travelers carrying amounts above $10,000 but not exceeding $50,000 must declare the full sum before exiting the country. Any amount exceeding $50,000 will require documentary evidence showing that the funds were obtained through an authorised dealer.

According to the guidelines, foreign currency imports of up to $10,000 can still be brought into Nigeria without declaration. However, amounts above that threshold must be disclosed to customs authorities upon arrival.

The apex bank also stated that authorised dealer banks may import foreign currency to satisfy local cash demands, subject to obtaining prior approval from the CBN.

In addition, the guidelines provide that all inbound foreign exchange transfers to Nigeria must be paid into beneficiaries’ bank accounts either in naira or in another currency as may be determined by the central bank from time to time.

The CBN further stipulated that cash withdrawals from inbound money transfers must not exceed the naira equivalent of $200. Any amount above this limit is to be paid directly into a bank account.

International Money Transfer Operators (IMTOs) are also required to maintain naira settlement accounts with authorised dealer banks and ensure that all transactions are processed through these designated accounts.

The guidelines permit authorised dealers and buyers to purchase foreign currency from visitors entering Nigeria. Such visitors may reconvert any unused naira into foreign currency upon departure, provided they present evidence of the initial exchange transaction.

The apex bank noted that reconversion through an authorised dealer is limited to the amount originally exchanged at entry, while authorised buyers may only exchange the unutilised balance of the converted funds.

The new measures form part of ongoing efforts by the CBN to strengthen transparency, improve foreign exchange management and facilitate legitimate cross-border financial transactions.