Amendment of the Provisions of Memorandum 15, Section 8 (iii) of the Forex Manual — CBN — NG

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Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail address: ted@cenbank.org TED/FEM/FPC/GEN/01/127/07 October 19, 2007. TO ALL AUTHORISED DEALERS, AND THE GENERAL PUBLIC AMENDMENT OF THE PROVISIONS OF MEMORANDUM 15, SECTION 8 (iii ) OF THE FOREX MANUAL. In keeping with recent trends in software licensing, Authorised Dealers are hereby informed that, the provisions of Section 8 (iii) of Memorandum 15 of the Foreign Exchange Manual have been reviewed forthwith as follows:
a) Annual Technical Support (ATS) fees demanded by IT Licensors shall be between 15% and 23% of the cost of the software and shall not last for more than three years; b) Local Vendors, who must be indigenous, shall be involved in all ATS for Software Agreements or updates; and, c) Local Vendors' fees shall be a minimum of 40% of the ATS fees and shall be paid in Naira. Documentary evidence of the payment of the fees to the local vendor must be submitted. All other provisions in the sub-section in the Section under reference remain unchanged.

Authorised Dealers are enjoined to bring the contents of this circular to their customers for compliance.

O. O. AKANJI (MRS.) DIRECTOR
TRADE & EXCHANGE DEPARTMENT