Regulatory Alerts2016-08-22 | TED/FEM/FPC/GEN/01/007Foreign Exchange Sales To End Users
The Central Bank of Nigeria's Trade and Exchange Department has instructed Authorised Dealers to allocate at least 60% of their foreign exchange purchases towards importing raw materials, plant, and machinery for the manufacturing sector. This directive is in response to a low utilization of foreign exchange sales observed thus far. The remaining 40% should cater to other trade obligations and visible/invisible transactions. Authorised Dealers must continue publishing weekly sales to end users in newspapers and submit statutory returns promptly.
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