CBN Issues Fresh Directives On Foreign Currency Deposit

A fresh guideline to Deposit Money Banks (DMBs) on the deposit of foreign currency notes has been released by the Central Bank of Nigeria.

In circular no: COD/DIR/INT/CIR/001/016 issued by the Director of Currency Operators Mr. Mohammed Solaja seen on the bank’s website, it directed DMBs must notify the apex in writing of its intention to make such deposits, at least three working days before such a deposit is made.

Such foreign currency deposits can only be made at the CBN branches in Abuja and Lagos.

The CBN further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

The apex bank said that smaller denominations of $ 20 notes and below would be at a maximum of $1 million daily.

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British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.

According to the circular, each denomination would be in separate boxes, and two representatives of a DMB wanting to make deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for the deposit of foreign currency notes would be allowed to represent the DMBs in the exercise.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits the same day.

Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.