Regulatory Alerts2024-08-08 | TED/FEM/PUB/FPC/001/025Circular on Memorandum 20 - 22 of the Foreign Exchange Manual
The Central Bank of Nigeria's Trade and Exchange Department issues a circular clarifying that the Foreign Exchange Manual's Memorandum 20, section 2 (vi) applies to both divestments and repatriations of CCI-related transactions. The bank instructs that all divestments or repatriations of foreign investments must present an electronic Certificate of Capital Importation and evidence of redemption of investment in local currency assets. This directive is intended to guide authorized dealer banks and the general public in Nigeria.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237800 09 46237804 E-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/001/025 August 08, 2024 TO: ALL AUTHORISED DEALER BANKS AND THE GENERAL PUBLIC CIRCULAR ON MEMORANDUM 20 - 22 OF THE FOREIGN EXCHANGE MANUAL This is to clarify that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCI) related transactions.
For the avoidance of doubt, every divestment or repatriation of foreign investment be it a pre-liquidation or matured investment, should present the following documents: a) Evidence of electronic Certificate of Capital Importation.
b) Evidence of redemption of investment in local currency assets (money market instrument, debt securities, equities etc) Please note and be guided accordingly DR. W. J. KANYA Ag. DIRECTOR TRADE & EXCHANGE DEPARTMENT