Business

CBN approves export of $50,000 under new FX guidelines

The only condition according to the Guidelines is that such cash must be declared at the point of exit.

Published

2 months ago

June 3, 2026

OCHEFA

142 Views

The Central Bank of Nigeria (CBN) has issued fresh Foreign Exchange Guidelines which provides that an individual can export $50,000 cash.

The only condition according to the Guidelines is that such cash must be declared at the point of exit.

The bank also retained the earlier provision for the export or import of cash of up to $ 10,000 without having to declare it.

According to the document, “The following may be exported from Nigeria: Without declaration, foreign currency, either in cash or any other credit instruments not exceeding $10,000.00 or its equivalent in other foreign currencies.“

Any amount in excess of $10,000.00 but not more than $50,000.00 or its equivalent in other foreign currencies, provided the whole amount is declared at the point of exit.

” Any amount above $50,000.00 or its equivalent in other foreign currency, subject to evidence of transaction/procurement through an Authorised Dealer.“Foreign currency, drafts, etc, brought into the country less expenses incurred, except foreign currency held as a ship or aircraft fund.”

Foreign currency, drafts, etc, brought into the country less expenses incurred, except foreign currency held as a ship or aircraft fund.”

“Foreign currency, either in cash or any other credit instrument, not exceeding $10,000.00 or its equivalent in other foreign currencies, may be imported into Nigeria by a person without declaration.“

Related Topics:CBN new FX guidelines Featured Foreign currency

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Business

IMF Warns of AI Financial Shocks Across Institutions, Markets

The recommendation was made by the IMF’s Financial Counsellor and Director of the Monetary and Capital Markets Department, Tobias Adrian, in a blog post outlining how AI is transforming financial markets, lending, supervision and risk management.

Published

47 minutes ago

July 27, 2026

OCHEFA

5 Views

The International Monetary Fund (IMF) has called on central banks and financial regulators to strengthen governance frameworks for Artificial Intelligence (AI), warning that the rapid adoption of the technology across the financial system could create new systemic risks if left inadequately supervised.

Adrian noted that AI is increasingly being used to price financial risks, allocate credit, execute trades and support supervisory activities, creating opportunities for greater efficiency while introducing new vulnerabilities that regulators must address.

He identified three immediate priorities for policymakers: strengthening oversight of AI-driven trading, lending and supervisory technology (SupTech); improving transparency around AI adoption, model dependencies and correlated investment strategies; and expanding international cooperation on cyber security and operational resilience.

According to him, AI has compressed the speed of financial transactions, allowing trading, lending decisions and supervisory analysis to occur in real time. While these innovations have improved market efficiency, they also increase the speed at which financial shocks can spread across institutions and markets.

Business

Rural Electrification Agency targets 3.7GW solar manufacturing to close Nigeria’s power gap

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

Published

58 minutes ago

July 27, 2026

OCHEFA

12 Views

• Solar

The Rural Electrification Agency (REA)is on the move to establish 3.7 gigawatts (GW) of local solar photovoltaic (PV) panel manufacturing capacity by the end of 2027.

The planned manufacturing expansion will significantly reduce imports while strengthening Nigeria’s renewable energy value chain.

Managing Director of the agency, Engr. Abba Aliyu, disclosed the initiative in Abuja during a benchmarking visit by officials of the Zanzibar Utilities Regulatory Authority (ZURA).

He said that the agency is encouraging Chinese solar manufacturers to establish production facilities in Nigeria, noting that locally assembled solar panels are already being exported from Lagos to neighbouring Ghana.