2008-06-19 | TED-FEM-FPC-GEN-01-062-08

Amendment of the Provisions of Memorandum 10, Section 5 (iv) of the Foreign Exchange Manual

The Central Bank of Nigeria has amended Section 5 (iv) of the Foreign Exchange Manual, specifically for petroleum products. Final shipping documents and a product certification report issued by the Directorate of Petroleum Resources must be submitted within 30 days of cargo arrival. Failure to comply with this deadline or providing inadequate documentation may result in penalties under the BOFI Act of 1991 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995. Authorised Dealers are expected to report any defaults to the Director, Trade & Exchange Department.

Nigeria

Central Bank of Nigeria

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