In a circular issued by the Director of Currency Operators, Mohammed Solaja and posted on the bank’s website on Friday, the apex bank said that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD  50 notes daily.

It stated that such foreign currency deposits can only be made at the CBN branches in Abuja and Lagos.

The CBN also directed that smaller denominations of $20 notes and below would be at a maximum of $1 million daily.

The circular added: “In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the bank.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

Furthermore, the CBN directed that the deposit money banks must notify it (CBN) in writing of its intention to make such deposits, at least three working days before such a deposit is made.