Regulatory Alerts2024-06-29 | COD/DIR/INT/CIR/001/016Added · Updated
Revised Guidelines for the Deposit of Foreign Currency at Lagos and Abuja Branches by Deposit Money Banks (DMBs)
The Central Bank of Nigeria (CBN) has issued revised guidelines for deposit money banks (DMBs) to deposit excess foreign currency notes at CBN's Lagos and Abuja branches to deepen the foreign exchange market and boost liquidity. DMBs must provide advance notice, adhere to deposit thresholds, and engage CBN-registered companies for deposits, with the CBN charging a handling fee of 0.30% of the authenticated amount. These guidelines are effective immediately and supersede previous regulations.
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