2007-03-05 | TED-FEM-GEN-FPC-01-31-07

Need for Adherence to the Import Guidelines, Procedures and Documentation Requirements Under Destination Inspection

The Central Bank of Nigeria (CBN) reminds all authorized dealers, importers, and the general public about adherence to import guidelines, procedures, and documentation requirements. CBN has observed that some banks are collecting Customs Duty without registering for Form "M" contrary to 2006 circular provisions. Additionally, some transactions have been conducted using transport documents without the specific Form "M" number stated. To ensure compliance, authorized dealer banks must adhere to restrictions on duty and tax collection and clearly state the Form "M" number on import transaction transport documents. CBN will impose appropriate sanctions for any infractions of these guidelines.

Nigeria

Central Bank of Nigeria

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