Regulatory Alerts2010-06-30 | TED.PFO.FPC.GEN/01.03-Re: Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal Year 2010/2011
The Central Bank of Nigeria has amended the import cash threshold for withdrawal in domiciliary accounts. The previous provision allowing persons to import foreign currency exceeding US$5,000 has been revised, maintaining the cash withdrawal threshold at US$10,000 as mandated by the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995. Authorized Dealers are advised to adhere to these updated guidelines for currency transactions.
09 46237804 09 46237802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address:ted@cenbank.org TED/PFO/FPC/GEN/01/030 June 28, 2010 TO: All Authorised Dealers The Nigeria Customs Service and the General Public RE: MONETARY, CREDIT, FOREIGN TRADE AND EXCHANGE POLICY GUIDELINES FOR FISCAL YEAR 2010/2011 This is to notify all Authorised Dealers, the Nigeria Customs Service and the General Public that the provisions of Section 3.2.13 (VI) under Rules for Currency Transactions which state that "…persons who import foreign currency in excess of US$5000 …" has been amended.
Accordingly, the threshold for cash imported and lodged into domiciliary account for which withdrawal shall be by cash remains at US$10,000 as stated in the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 17 of 1995. Authorised Dealers should note this amendment, please.
Batari Musa DIRECTOR TRADE & EXCHANGE DEPARTMENT