Regulatory Alerts2007-10-19 | TED-FEM-FPC-130-07Amendment of the Provisions of Memorandum 15, Section 8 (iii) of the Forex Manual
The Central Bank of Nigeria has amended the provisions in Section 8(iii) of Memorandum 15 of the Foreign Exchange Manual. Changes include ATS fees between 15% and 23%, not exceeding three years; mandatory involvement of local vendors for agreements or updates, with minimum 40% fees in Naira. Authorized dealers are instructed to inform their customers of these changes for compliance.
09 61637804 09 61637802 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