The Central Bank of Nigeria has issued fresh guidelines to Deposit Money Banks on the deposit of foreign currency notes with it.
This was contained in a circular issued on Friday by the Director of Currency Operators, Mohammed Solaja, in Abuja.
In the circular, the CBN disclosed that each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily.
According to the apex bank, smaller denominations of $20 notes and below 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 denomination would be in separate boxes and two representatives of a DMB wanting to make the deposits must be present to witness the counting and confirm the amount.
It said such foreign currency deposits can only be made at the CBN branches in Abuja and Lagos.
The circular said: “In order 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 the correspondent banks.”
In the circular, with reference number, COD/DIR/INT/CIR/001/016, the CBN said DMBs must notify it in writing of its intention to make such deposits at least three working days before.
It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed as representatives of the DMBs in the exercise.
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The CBN directed that the deposits would take place between 8am and 12 noon and that the selected branches must confirm the deposits the same day.
Handling charges, it said, would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN, adding that the new guidelines supersede the June 17, 2017 circular with reference number: COD/DIR/GEN/CMF/11/094.