Regulatory Alerts2007-05-11 | TED-FEM-GEN-FPC-01-49-07Re: Participation of Free Trade Zone Companies in the Nigerian Foreign Exchange Market
This is a notification dated April 19, 2007 to all Authorized Dealers and the general public from the Trade & Exchange Department. The circular addresses the participation of Free Trade Zone (FTZ) companies in Nigeria's foreign exchange market. It clarifies that when registering Form 'M' and 'A' for EPZ/FTZ companies, Authorized Dealers must ensure these forms are marked "CB" and stamped with "EPZ/FTZ - Not Valid for FX". Additionally, all necessary documentation should be in place before processing. Dealers are requested to inform their customers and branches/correspondents operating within the zones of this clarification for compliance and proper handling of FTZ import-export transactions.
E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/047 April 19, 2007 TO: All Authorised Dealers and General Public RE: PARTICIPATION OF FREE TRADE ZONE COMPANIES IN THE NIGERIAN FOREIGN EXCHANGE MARKET Further to our circular Ref: TED/AD/90/2005 dated 11th August, 2005, the following clarification on registration of Forms 'M' and 'A' for the EPZ/FTZ Companies are hereby advised.
Authorised Dealers registering Forms 'M' and 'A' for EPZ/FTZ Companies shall ensure that:
- Form 'M' is marked 'CB' in addition to their being stamped "EPZ/FTZ (as may be applicable)- Not Valid for FX", and 2. Form 'A' is stamped "EPZ/FTZ (as may be applicable) - Not Valid for FX" Furthermore, Authorised Dealers are to ensure that all documentation requirements that are to be met prior to the opening of any of the Forms are in place.
They are also enjoined to bring these clarifications to the attention of their customers and branches/correspondents operating in the zones for compliance and guidance in the processing of EPZ/FTZ import and export transactions.
O. O. AKANJI (MRS.) DIRECTOR TRADE & EXCHANGE DEPARTMENT