The Central Bank of Nigeria (CBN) says henceforth transfer of foreign exchange from one customer to another is prohibited.
The bank also said that forex inflows cannot be credited to customers account until the legitimacy of such funds is proven.
The Apex bank,’s new guidelines contained in an internal memo made available to the press on Friday, stated that customers can have unfettered access by telegraphic transfers up to a limit of$40,000, monthly for payment of medical bills, school fees, subscription to professional bodies subject to existing CBN guidelines .It specified that transfers from one customer to another is prohibited while transfer within related companies is allowed subject to a limit of$50,000 per month.
The bank further specified that proceeds from non-oil exports should be sold to banks and used for repayment of dollar term loans and self- utilisation for trade transactions for LC ,bills and Form A
According to the bank revenue acruing from oil export from E&P companies are to be used for payment of contractors and service providers employed by the oil companies in addition to the recommended uses for non-oil forex proceeds.
The CBN added that forex inflows from other nigerian banks and internal account to forex transfers sourced from offshore inflows are to be used to trade transactions subject to eligibility of e-Form M
