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

Tel: 09 616 37 804 May 23, 2007 Fax: 09 616 37 802 Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address:ted@cenbank.org TED/FEM/GEN/FPC/01/058 June 18, 2008 All Authorised Dealers and The General Public AMENDMENT OF THE PROVISIONS OF MEMORANDUM 10, SECTION 5 (iv) OF THE FOREIGN EXCHANGE MANUAL Authorised Dealers and the General Public are hereby informed that the provisions of Section 5 (iv) second paragraph of Memorandum 10 of the Foreign Exchange Manual have been reviewed forthwith as follows: "For petroleum products, however, the final shipping documents including product certification report issued by Directorate of Petroleum Resources (DPR) should be submitted within 30 days of arrival of the cargo. Where the importer fails to submit the final documents within the stipulated period or documentation is inadequate or defective, the Authorised Dealer should make a written report to the Director, Trade and Exchange Department, Central Bank of Nigeria, Abuja, giving full details of the default. Defaulting importers as well as Authorised Dealers who fail to report any default shall be liable to penalties provided for in the BOFI Act of 1991 as amended, and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995".

Authorised Dealers are enjoined to note for compliance, please.

B. MUSA AG. DIRECTOR TRADE & EXCHANGE DEPARTMENT