The Central Bank of Nigeria has specified that each bank is allowed a maximum daily deposit of $10 million in US$100 and US$ 50 notes.
In a new guidelines for Deposit Money Banks regarding the deposit of foreign currency notes, the apex bank said these deposits can only be made at the CBN branches in Abuja and Lagos.
This was detailed in a circular issued by the Director of Currency Operations, Mohammed Solaja, and posted on the bank’s website on Friday.In the circular with reference number COD/DIR/INT/CIR/001/016, the CBN directed that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.
Additionally, for smaller denominations of $20 notes and below, the maximum daily deposit is set at $1 million.
“To deepen the foreign exchange market, boost liquidity, and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank.
“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with correspondent banks”, CBN said.
According to the circular, the DMBs shall engage the services of only CBN-registered Cash in Transit (CIT) companies for deposits of foreign currency notes.
“ The time for accepting deposits shall be between 8am and 12pm. Abuja and Lagos Branch would receive, count and authenticate such deposits in the presence of the representatives of the depositing bank on the same day.
“The Bank shall credit the DMBs account through their offshore correspondent bank within the cycle time of T+5. The handling charge of 0.30 per cent of the authenticated amount shall be recovered from the DMBs current account with CBN.
“ The Bank would not accept forex deposits from any DMB that fails to comply with any of the guidelines, “ it stated.
Deposits may be in US$100, US$50, US$20, US$10, US$5, US$1 and all GBP and EURO denominations, with each denomination in separate boxes.
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