The Central Bank of Nigeria, CBN, has issued new guidelines allowing commercial, merchant, and non-interest banks to facilitate the conversion of foreign currency balances in domiciliary accounts to Naira at any time, using the prevailing exchange rate.
Under the updated policy, banks are required to fully disclose and report all conversions as part of their foreign exchange reporting obligations.
In a statement from February 2024, the CBN reiterated its stance that it would not mandate domiciliary account holders to convert their foreign currency balances into Naira, reaffirming the bank’s commitment to account holder autonomy.
The revised guidelines grant account holders—whether based within Nigeria, abroad, or holding offshore accounts—unrestricted access to trade eligible foreign currencies as they see fit.
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