2017-04-10 | TED/FEM/FPC/GEN/01/002

Foreign Exchange Payment for Small Scale Importation

The Central Bank of Nigeria's Trade and Exchange Department has announced that it will intervene to facilitate payments for small-scale imports by Small and Medium Enterprises (SMEs) not exceeding USD 20,000 per customer quarter. Processing banks must ensure importers submit shipping documents within 60 days of the transfer and provide monthly returns on completed submissions to the Director of Trade and Exchange Department. This policy takes immediate effect. Strict compliance is required.

Nigeria

Central Bank of Nigeria

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