2012-04-02 | BPS/DIR/CIR/GEN/02/06

Guidelines on Cheque Truncation in Nigeria

As of April 2, 2012, Authorised Dealers are informed that the restriction on using WDAS funds to negotiate Unconfirmed Letters of Credit (ULC) has been revised. Now, such funds can only be used for ULCs established for importation of Raw Materials, Plant and Machinery. Any breach will be sanctioned appropriately, including suspension from the foreign exchange market. This circular supersedes TED/FEM/FPC/GEN/01/036 dated November 24, 2010.

Nigeria

Central Bank of Nigeria

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