The Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank.
In a circular issued by the Director of Currency Operators Mohammed Solaja seen on the bank’s website, it directed DMBs must notify the apex in writing of its intention to make such deposits, at least three working days before such a deposit is make.
It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.
The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.
British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.
According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.
It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.
