2007-03-05 | TED-FEM-GEN-FPC-01-027-07

Revalidation of Expired Bill for Collection Transactions

The Central Bank of Nigeria has issued a directive to authorised dealers, stating that all bills for collection transactions must be negotiated within a 180-day validity period from the Bill of Lading date. If bills cannot be settled within this timeframe, a ninety-day extension is allowed, effective from the expiry date of the initial tenor. Any further extensions beyond that require approval by the Director, Trade and Exchange Department. Authorised dealers must ensure compliance with these provisions.

Nigeria

Central Bank of Nigeria

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