Individuals who want to send money outside the country through the International Money Transfer Services, can now send up to $5,000 per transaction, 150 per cent above the initial allowed limit.
The limit for transfers was reviewed upward from the initial $2,000 by the Central Bank of Nigeria (CBN), according to a circular made available on its website yesterday.
Although the CBN did not give any reason for the upward review, it specified that the new limit of $5,000 applies only to individuals, excluding corporate bodies.
The circular which was signed by the CBN director, Trade and Exchange, Olakanmi Gbadamosi, reads, “authorised dealers and members of the public are hereby notified that the threshold of $2,000 per transaction has been reviewed upward.
“Accordingly, the allowable limit for the outbound international money transfer of $2,000 per transaction has been increased to $5,000 of its equivalent per transaction.
“However, it is important to note that this service is only applicable to person-to-person transfer. For the avoidance of doubt, corporate entities are not allowed to use this product.”