Regulatory Alerts2017-04-10 | TED/FEM/FPC/GEN/01/002Foreign 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.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09-61637800 09-61637804 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/002 April 10, 2017 TO: ALL AUTHORISED DEALERS THE GENERAL PUBLIC FOREIGN EXCHANGE PAYMENT FOR SMALL-SCALE IMPORTATION In the continued effort to accommodate all stakeholders in the foreign exchange market, the CBN will intervene to ensure that payments for eligible imports by small and medium enterprises valued not more than USD20,000.00 (Twenty Thousand US Dollars) per customer per quarter can be effected by telegraphic transfer subject to completion of Form 'M' supported with Proforma Invoice and the importer's BVN.
All processing banks shall ensure that the importers submit the relevant shipping documents not later than 60days from the date of transfer.
Furthermore, processing banks shall render monthly returns on submission of the final shipping documents to the Director, Trade and Exchange Department.
This circular takes immediate effect. Please ensyre strict compliance.
TRADE & EXCHANGE DEPARTMENT