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- The Central Bank of Nigeria released a circular Wednesday confirming its support for the decision by deposit banks to stop receiving forex cash deposits.
- According to the circular dated August 5th, the CBN further instructed that “for prior foreign currency lodgments made before the date of the release of the circular the account holder has the option of either withdrawing the amount by “foreign currency cash or the Naira equivalent”.
- It further said that for the avoidance of doubt only wired transfer of to and from Domiciliary accounts are only permissible.
- For those looking to purchase forex for legitimate reasons such as BTA and PTA the CBN said they can do so via recognised channels such a Form A for invincible transactions and Form M for visible transactions.
- This new circular can be liken to a new “cashless policy” for foreign currency transactions
- The dollar also dropped to N215 on Wednesday after the CBN sold about $80 million
- Here is a copy of the circular
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“For fereign currency cash lodgments made prior to this date of this circular, the account holder has the option to either withdraw his or her foreign currency cash of the Naira equivalent”
— What about wire transfers made to dom. accounts prior to the date of the circular? Is there a guideline/directive on this?
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