2017-04-18 | TED/FEM/FPC/GEN/01/003

Re: Foreign Exchange Payment for Small-Scale Importation

The Central Bank of Nigeria has introduced a new Form Q designed specifically for Small and Medium-scale Enterprises (SMEs). This form aims to simplify the process and documentation requirements for these businesses in accessing foreign exchange. SMEs must meet specific conditions before utilizing the new Form Q, such as maintaining an account with Authorised Dealers for at least six months. The new guidelines will enhance access to the foreign exchange market for retail businesses while ensuring compliance through monthly returns submitted by the processing banks.

Nigeria

Central Bank of Nigeria

Show thumbnail