CBN raises foreign currency export threshold to $50,000 with mandatory declaration

The Central Bank of Nigeria (CBN) has announced updated regulations concerning foreign currency export, permitting individuals to carry up to $50,000 in cash when departing the country. This change mandates that travelers declare the amount to relevant authorities at the point of exit. The new guidelines aim to enhance the management of foreign exchange transactions and facilitate smoother cash movements across Nigeria's borders, while maintaining existing regulatory frameworks.

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