CBN sets daily deposit limits for Commercial Banks

…says foreign currency deposits limited to Abuja and Lagos CBN branches

By Opeyemi Abdulsalam

The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank.

In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, instructed Deposit Money Banks (DMBs) to submit a written notification to the Central Bank of Nigeria (CBN) at least three working days prior to depositing foreign currency notes, indicating their intention to make such a deposit.

The Central Bank of Nigeria (CBN) has specified that deposits of foreign currency can only be made at its branches in Abuja and Lagos.

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.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.