Regulatory Alerts2011-10-13 | TED.FEM.FPC.GEN.01.021Establishment of Letters of Credit and Bills for Collection for the Importation of Petroleum Products
The Central Bank of Nigeria (CBN) has issued a circular for authorized dealers and petroleum product importers to streamline the importation process. Starting from the date of issuance, all transactions without accepted Form 'M' will not qualify for foreign exchange allocation. Authorized Dealers must submit processed Form 'M', relevant documents, final shipping documents including certification reports, and quarterly returns evidencing receipts or sales status. For petroleum products imported between January 2010 to September 30, 2011, importers are required to provide importation dates, account statements, and sales status reports within two weeks of the circular's publication. CBN will appropriately sanction non-compliance.
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