CBN - The Central Bank of Nigeria has commenced a new program that makes the availability of foreign currency accessible for individuals and businesses. Here's what you should know about the new initiative.
The new program created by the CBN has what it termed the "Disclosure Scheme" that enables Banks to trade foreign currency deposits. This initiative will make it easier for people and businesses to handle their foreign currency.
This new program commenced on October 31, 2024, and gives everyone a period of nine months to deposit their foreign currency safely and legally.
Key Benefits:
- Complete protection for depositors
- Freedom to convert foreign currency to naira anytime
- No withdrawal limits
- Full confidentiality guaranteed
How It Works:
- You can deposit your foreign currency at any participating bank
- The bank will give you a receipt within 24 hours
- Your money stays available whenever you need it
- Banks can trade these deposits (unless you choose to invest them yourself)
Bank Requirements:
- Must set up special accounts for foreign currency
- Have to keep customer information private
- Need to report all transactions
- Must follow anti-money laundering rules
Why It Matters: This new system aims to make Nigeria's economy stronger and more transparent. It gives both individuals and businesses more flexibility with their foreign currency while helping strengthen the country's financial system.
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