2014-07-04 | BSD/DIR/CIR/RFCB/GEN/VOL.1/45

Requirement to Surrender Excess Foreign Currency Banknotes in Possession of Banks to the Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has directed all banks to report their foreign currency banknotes holdings, providing the required balance for immediate use and the surplus to be returned. This is a result of the CBN's recent directive that importation of foreign currency banknotes needs prior approval. The value of surrendered currency will be credited to the bank's offshore account.

Nigeria

Central Bank of Nigeria

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