RismadarVoice Reporters, June 5, 2026
The Central Bank of Nigeria (CBN) has introduced new foreign exchange (FX) guidelines permitting individuals to travel with up to $50,000 in cash, provided the amount is declared to authorities at the point of departure.
The revised regulations, contained in a newly released FX guideline document, maintain the existing provision that allows travellers to carry up to $10,000 or its equivalent in foreign currency without any declaration requirement.
According to the CBN, individuals leaving Nigeria may export foreign currency in cash or other negotiable instruments up to $10,000 without declaration. Amounts exceeding $10,000 but not more than $50,000 must be declared at the point of exit, while sums above $50,000 will require evidence that the funds were obtained through an authorised dealer.
The apex bank also retained its rules on cash imports, allowing travellers to bring into Nigeria foreign currency not exceeding $10,000 without declaration. Any amount above that threshold must be declared upon arrival.
Under the updated framework, authorised dealer banks will be permitted to import foreign currency to meet domestic cash demands, subject to prior approval from the CBN.
The guidelines further provide that all inbound foreign exchange transfers to Nigeria will be paid to beneficiaries through bank accounts in either naira or another currency approved by the CBN from time to time.
In addition, the CBN placed a limit on cash withdrawals from inbound money transfers, stating that beneficiaries can receive cash payments only up to the naira equivalent of $200. Any amount above this threshold must be credited directly into a bank account.
The new rules also require all International Money Transfer Operators (IMTOs) to maintain naira settlement accounts with authorised dealer banks in Nigeria and ensure that all transactions are processed exclusively through those designated accounts.
The guidelines allow authorised dealers and buyers to purchase foreign currency from visitors to Nigeria. Travellers departing the country may also reconvert unused naira into foreign currency, provided they can present evidence of the initial currency exchange.
According to the CBN, the reconversion will be limited to the amount originally exchanged through an authorised dealer, while authorised buyers may only exchange the remaining balance of the converted funds.
