CBN unveils new FX guidelines, approves cash movement of $50,000

The Central Bank of Nigeria (CBN) has issued new foreign exchange guidelines allowing individuals to move up to $50,000 in cash, provided the amount is declared at the point of exit. The previous limit of $10,000 without declaration remains unchanged. All inbound FX transfers will be disbursed to beneficiaries' accounts in Naira. Authorized Dealer Banks can import foreign currency to meet local cash needs with prior CBN approval.