Regulatory Alerts2017-06-06 | TED/FEM/FPC/GEN/01/009Exports From Nigeria - Compliance With Memorandum 11 of The Foreign Exchange Manual
The Trade and Exchange Department of the Central Bank of Nigeria has issued a notice requiring exporters to register Forms NXP with an authorized dealer before shipping goods. All bills of lading for exports must now carry the corresponding Form NXP number, as specified in Memorandum 11 of the Foreign Exchange Manual. This is to ensure that all export transactions are conducted through formal channels and to prevent non-compliance, which will be considered a violation of existing regulations. This update comes into effect immediately and strict compliance is mandatory.
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