2012-05-18 | TED.FEM.FPC.GEM.01.013.2012

Foreign Loan Repayment From The Nigerian Foreign Exchange Market

The Central Bank of Nigeria's Trade & Exchange Department has issued a circular outlining guidelines for repayment and interest payment on foreign loans. Effective immediately, loans taken for raw materials, plant, or machinery will be funded from the WDAS. For other purposes, repayments should come from the inter-bank market, and ancillary loan charges must also use inter-bank funds. All transactions must be supported by relevant documentation to avoid sanctions.

Nigeria

Central Bank of Nigeria

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