The Central Bank of Nigeria (CBN) has released new directive for Deposit Money Banks (DMBs) with regards to the deposit of foreign currency notes across the country.
This new guideline was detailed in a circular issued by the Director of Currency Operations, Mohammed Solaja, and posted on the bank’s website on Friday, June 27.
The apex bank specified that each commercial bank is allowed a maximum daily deposit of $10 million in $100 and $50 notes.
These deposits can only be made at the CBN branches in Abuja and Lagos.
According to the circular with reference number COD/DIR/INT/CIR/001/016, the apex bank directed that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.
Additionally, for smaller denominations of $20 notes and below, the maximum daily deposit is set at $1 million.
“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 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 correspondent banks”, the apex bank said.
