2020-08-24 | TED/FEM/FPC/GEN/01/05

Destination Payment for all Forms M, Letters of Credit and Other Forms of Payment

The Central Bank of Nigeria is instructing authorized dealers to stop opening Forms M with payments routed through third parties to ensure prudent use of foreign exchange resources and prevent overinvoicing and other unnecessary costs. They are directed to only open Forms M in favor of the ultimate supplier of the product or service, and a Product Price Verification Mechanism will be introduced to verify quoted prices before approval.

Nigeria

Central Bank of Nigeria

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