Nigeria Travel, Medicals, and School Fees: CBN Sets New Limits on Forex Transactions

The Central Bank of Nigeria (CBN) has instituted new regulations governing the foreign exchange (FX) sales by Bureau De Change (BDC) operators, as outlined in the 'Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,' released on February 23, 2024.

These directives impose specific limits on the amount of foreign currency individuals can purchase for personal and business travel allowances, with stringent requirements including BVN or TIN, completed e-forms, and valid travel documents.

Notably, BDCs are authorized to sell up to $5,000 annually for medical bills and $10,000 for school fees, subject to specified conditions.

The CBN's move aims to regulate FX transactions and enhance transparency, yet it raises concerns among stakeholders about its potential impact on travel and medical expenses