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The Nigeria Central Issued a New Foreign Currency Directive

The Nigeria Central Issued a New Foreign Currency Directive 

Nigeria Central Bank

The Central Bank of Nigeria suspends all Foreign Currency Deposits into Domiciliary Accounts across the nation.

Please be informed that the Central Bank of Nigeria has also issued a directive stating the following:

  1. Effective immediately, existing foreign currency cash deposits in domiciliary accounts can only be withdrawn either by foreign currency cash or its Nigeria Naira equivalent.
  2. Inward and outward telegraphic transfers into and out of Domiciliary Accounts are still permissible.
  3. Customers that require foreign currency for eligible purposes such as Medical fees, School fees, mortgage payment etc. can  source for funds

Using recognized channels:

  • Form ‘A’ for Invisible transactions
  • Form ‘M’ for Visible transactions

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