Be aware of the law that you may enjoy your Nigerian trips:
CBN has banned US Dollar Domiciliary accounts in Nigeria. Aug 7, 2015;
- BTA is reduced from $10,000 to US$1500 for personal trip, $2500 for business trip with provision of visa and passport for proof before CBN will approve such BTA in US Dollars cash.
- Till further notice, Bureau De Change is dead in Nigeria! Nobody goes around looking for US Dollars again? For what?
- The ban was intentional to hit those politicians with large sum of US Dollars sitting in the bank account in Nigeria and to strengthen Naira.
- If you want anyone to wire money (Naira or dollars) to you abroad from Nigeria, for you to receive US Dollars in your bank account abroad, the sender must fill a form called “form A” at Nigerian bank that will require CBN approval for money in US$ for school fees, medical expenses, house mortgage abroad only to be permitted. Any other reasons, not permitted till further notice!
- Nigerians abroad will still be able to send money home using Bank to Bank Wire Transfers and Western Union but you will only receive Naira equivalent not US Dollar.
- US Dollar currency cannot be lodged / deposited or withdrawn as US Doallas cash anymore in Nigeria except it’s converted to Naira.
- The maximum US Dollar notes you can travel with to Nigeria is $2500 which you have to declare at the Nigerian point of entry at the henceforth.
Be careful, don’t get arrested, and don’t get your hard earned money confiscated, because ignorance of the law is not an excuse!