2015-02-20 | TED/FEM/FPC/GEN/01/006

Clarification on the Provisions of Memorandum 26, Paragraph (5), Section (D) of the Foreign Exchange Manual

The Central Bank of Nigeria clarifies that holders of export proceeds domiciliary accounts have "unfettered access" to their funds, meaning they can use the proceeds for eligible and trade-related transactions or sell them to authorized dealers for eligible transactions only. Non-compliance will result in exporters being barred from the Nigerian foreign exchange market. This directive aims to ensure strict adherence to the Foreign Exchange Manual's provisions and maintain the integrity of the country's financial system.

Nigeria

Central Bank of Nigeria

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