Regulatory Alerts2011-10-06 | TED.FEM.FPC.GEN.01.018Rising Demand for Foreign Exchange at WDAS
The Central Bank of Nigeria has observed that oil companies with swap arrangements with the Nigerian National Petroleum Corporation (NNPC) and/or the Petroleum Products Marketing Company (PPMC) are still accessing the WDAS to fund refined petroleum product imports. This is despite having established standby Letters of Credit for lifting crude oil. To address this issue, authorized dealers are now required to ensure that such companies present documentary evidence of NESS fee payment and submit a monthly report on these transactions. Non-compliance may result in suspension of the Authorised Dealership License.
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