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) requires all banks to report their vault balance of foreign currency banknotes by October 2, 2013, specifying the amount needed for immediate utilization with sound justification. Any excess must be surrendered to the CBN, and the value will be credited to the respective banks' offshore accounts. This directive follows the recent directive stating that importation of foreign currency banknotes requires prior approval from the CBN.

Nigeria

Central Bank of Nigeria

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