CBN issues new directive on dollar, other foreign currency deposits

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The Central Bank of Nigeria has released new directive for Deposit Money Banks with regards to the deposit of foreign currency notes across the country.

The apex bank specified that each commercial bank is allowed a maximum daily deposit of $10 million in $100 and $50 notes.According to the circular with reference number COD/DIR/INT/CIR/001/016, the apex bank directed that DMBs must notify the CBN in writing of their intention to make such deposits at least three working days in advance.

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