The Central Bank of Nigeria (CBN) has issued fresh foreign exchange guidelines allowing individuals to move up to $50,000 in cash when travelling, provided the amount is properly declared at the point of exit. The move is part of updated measures aimed at strengthening oversight of cross-border cash flows.
Under the new framework, travellers may still carry up to $10,000 in foreign currency without declaration. However, any amount above $10,000 and up to $50,000 must be declared at departure, while sums exceeding $50,000 require evidence of legitimate source or transaction through an authorised dealer bank.
The guidelines also restate that both inflows and outflows of foreign currency above $10,000 must be declared at Nigeria’s entry and exit points. In addition, authorised dealer banks are permitted to import foreign currency to meet local demand, subject to prior approval from the CBN.
