CBN LIFTED BAN ON FOREIGN CURRENCY DEPOSIT

The Central Bank of Nigeria in August 2015 placed a restriction on foreign currency deposits. Since then, it has been difficult for most international businesses to perform transactions. To quench this fire, the Central Bank of Nigeria has decided to lift the ban on foreign currency deposits. Deposit Banks have been sending messages to their customers nationwide to sensitize them of this recent development and clearly stating the conditions. Below is a sample of the message:

Dear Customer,

Resumption of Transfers for FX Cash Deposits

We are pleased to inform you that you can now transfer Foreign Currency Cash deposits made into your GTBank domiciliary account(s) via Internet Banking, Mobile App or at any of our branches nationwide, subject to a daily cumulative limit of $10,000.

Thank you for banking with us.

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