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CBN Issues Fresh Guidelines For Foreign Currency Deposit

The Director of Currency Operators, CBN, Mohammed Solaja, has released a circular on Friday that contained new guidelines for Deposit Money Banks (DMBs) regarding the deposit of foreign currency notes with the apex bank.

The circular was posted on the bank’s website.

The Central Bank of Nigeria (CBN) revealed that each bank would be permitted to deposit a maximum of $10 million threshold for USD 100 notes and USD 50 notes daily, and that such foreign currency deposits can only be made at the CBN branches in Abuja and Lagos.

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“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank,” the circular read.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

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In the circular with reference number, COD/DIR/INT/CIR/001/016, the apex bank 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.

According to the apex bank, smaller denominations of $20 notes and below would be at a maximum of $1 million daily.

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