ANNOUNCEMENT 26 Sep 2013

On the 26 September 2013, the Central Bank of Nigeria released a circular with restricting as well as relaxing provisions on the use of foreign exchange:

NUMBER OF INTERVENTIONS

2

  • 1 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



Central Bank of Nigeria, Trade and Exchange Department, 26 September 2013, 'Developments in the Foreign Exchange Market', circular reference no. TED/FEM/FPC/GEN/01/009: http://www.cenbank.org/Out/2013/CCD/Developments%20In%20The%20Foreign%20Exchang%20Market.pdf


Inception date: 26 Sep 2013 | Removal date: open ended

Controls on commercial transactions and investment instruments

The limit of USD 40’000 on the overseas use of Naira denominated credit and debit cards was increased to USD 150’000.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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Inception date: 26 Sep 2013 | Removal date: open ended

Controls on commercial transactions and investment instruments

Importation of foreign currency cash by authorized dealers is subject to prior approval by the CBN. Authorized dealers selling USD to exchange offices are limited to maximum USD 250’000 per week and office. Recipients of international money transfers, such as through Western Union, ought to be paid in Naira only.
 
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