CBN releases FX guidelines, approves export of $50,000

The Central Bank of Nigeria (CBN) has issued new Foreign Exchange Guidelines allowing an individual to export up to $50,000 in cash, provided it is declared at the point of exit. Exports or imports of $10,000 or less remain without declaration. Amounts above $50,000 require evidence of transaction through an Authorised Dealer. Authorised Dealer Banks may import currency for local cash needs subject to CBN approval.