2007-06-26 | TED-FEM-FPC-GEN-01-78-07

Guidelines for Primary Mortgage Institutions

This announcement is from the Central Bank of Nigeria's Trade and Exchange Department, announcing the introduction of the new Uniform Customs and Practice for documentary credits (UCP 600) on July 1st, 2007. The new UCP 600 will apply to all letters of credit issued after this date. Additionally, all documents must be in English, and specific fields are clarified regarding the SWIFT format. The conditions stated above are required on all letters of credit. Payment for all charges related to letters of credit must now be made before correspondence banks are advised. All importations should follow International best practices, and appropriate duties and taxes need to be paid prior to clearance of goods.

Nigeria

Central Bank of Nigeria

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