2016-09-01 | TED/FEM/FPC/GEN/01/009

Portfolio Investment In Nigeria - Re: Amendment of Memorandum 21 Of The Foreign Exchange Manual

The Central Bank of Nigeria amends Memorandum 21 of the Foreign Exchange Manual to encourage portfolio investment in Nigeria by allowing resident and non-resident Nigerian nationals and entities to invest inflowing foreign currency through authorized dealers in money market instruments, bonds, and equities. The guidelines for investing include appointing a local bank or broker as an agent, transferring funds electronically to designated banks, issuing a Certificate of Capital Importation within 24 hours, rendering returns to the CBN, and using the certificate to invest in any instrument. To divest, investors must return the investment documents along with proof of redemption of the money market instruments.

Nigeria

Central Bank of Nigeria

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