2020-11-18 | TED/FEM/FPC/EN/01/009

Re: Destination Payment for all Forms M, Letters of Credit and Other Forms of Payment

The Central Bank of Nigeria clarifies the term "Ultimate Supplier of products" for authorized dealers and the public, defining it as the direct seller to the importer. The name of the ultimate supplier should match the beneficiary on all relevant documents, and payments must be made only to this beneficiary. Strict compliance with these guidelines is emphasized, with additional requirements for importers using buying companies.

Nigeria

Central Bank of Nigeria

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