2015-12-01 | TED.FEM.FPC.GEN.01.036

Re: Liberalization on Unconfirmed Letters of Credit

This memo serves as a reminder to all Authorised Dealers that the previously issued circular restricting the use of unconfirmed letters of credit (LC) to inter-bank funds is still in effect. Violating this regulation, by using WDAS funds for unconfirmed LCs, will result in appropriate sanctions including suspension from the Foreign Exchange Market and/or financial penalties according to BOFIA as amended. Enforce compliance accordingly.

Nigeria

Central Bank of Nigeria

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