2012-04-02 | TED.FEM.FPC.GEN.01.009.2012

Re: Liberalization of Unconfirmed Letters of Credit

The Central Bank's Trade & Exchange Department has updated its policy on using WDAS funds to negotiate unconfirmed letters of credit (ULC). From the stated date, such funds can only be used for importing raw materials, plant and machinery. Funds for negotiating ULC for general merchandise imports will now come from the interbank market. This change supersedes an earlier circular, and non-compliance may result in suspension from the foreign exchange market.

Nigeria

Central Bank of Nigeria

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