Home Business Matters Business & Economy The New Buhari Foreign Currency Law In Nigeria And Its Implications

The New Buhari Foreign Currency Law In Nigeria And Its Implications

The Central Bank of Nigeria (CBN) has banned US$ Domiciliary Accounts in Nigeria in a bid to renew vigilance to prohibit illicit financial flows in Nigeria’s Banking System. With the new law, the following conditions are in place:
1. BTA is reduced from $10,000 to US$5000 for personal trip, $4000 for business trip with provision of visa and passport for proof before CBN will approve such BTA in US$ cash.
2. Till further notice, Bureau De Change is dead in Nigeria! Nobody goes around looking for US dollars again? For what?
3.The ban was intentional to hit those politicians with large sum of US$ sitting in the bank account in Nigeria and to strengthen Naira.
4.  If you want anyone to wire money (Naira or dollars) to you abroad from Nigeria, for you to receive US$ in your bank account abroad, the sender must fill a form called “form A” at Nigerian bank that will require CBN approval for money in US$ for school fees, medical expenses, house mortgage abroad only to be permitted. Any other reasons, not permitted till further notice!
5. Nigerians abroad will still be able to send money home using Bank to Bank Wire Transfers and Western Union but you will only receive Naira equivalent not US dollar.
6. US$ currency cannot be lodged / deposited or withdrawn as US$ cash anymore in Nigeria except it’s converted to Naira.
7. The maximum US$ notes you can travel with to Nigeria is $2500 which you have to declare at the Nigerian point of entry henceforth.
Be careful, don’t get arrested, don’t get your hard earned money confiscated because ignorance is not an excuse before law.
Contact your banker if you require further information/clarification.