Regulatory Alerts2010-03-17 | TED/FEM/FPC/GEN/01/020/10Update on invisible purpose codes and the need for compliaince with the rendition of returns on same
The Central Bank of Nigeria has introduced new classification codes for home remittance returns, effective immediately. Authorised Dealers must now categorize these remittances into 14 different types, including maintenance, mortgage, investments, collective funds, NPISH payments, and non-governmental organisation donations. These returns should be submitted through the eFASS platform using the provided codes. Failure to comply will result in sanctions.
Tel: 09 462 37 804 May 23, 2007 Fax: 09 462 37 802
Our Ref: TED/PFO/FPC/GEN/01/020 March 17, 2010
E-mail address:ted@cenbank.org Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja TO: ALL AUTHORISED DEALERS UPDATE ON INVISIBLE PURPOSE CODES AND THE NEED FOR COMPLIANCE WITH THE RENDITION OF RETURNS ON SAME.
In a bid to enhance the coverage of information on personal home remittances, Authorised Dealers are hereby informed that returns on the subject shall henceforth be segregated as follows: SB108 - Maintenance (Funds to subsidize consumption, upkeep of spouse, parents and other relatives) SB109 - Mortgage (Funds for purchase of land, houses and other real estate) SB110 - Investments (Funds for financial Investments in shares, bonds and other financial instruments) SB111 - Collective (Funds for community development projects) SB112 - NPISH (Donations/payments to religious bodies) SB113 - NGO (Donations/payments to non-governmental organisations) SB114 - Health (Funds for payments of spouse, parents and other relatives' hospital bills) SB115 - Education (Funds for payments of spouse, parents and other relatives' school fees) Accordingly, with effect from the date of this circular all Authorised Dealers are required to render returns on Home Remittances using the eFASS platform in the above format.
Please ensure compliance accordingly to avoid sanction
Batari Musa Ag. Director Trade & Exchange Department