Regulatory Alerts2009-05-04 | TED-FEM-FPC-GEN-01-072-09Re: Further Guidelines on the Sale of Foreign Exchange by Oil and Oil Service Companies, NNPC and Other Governement Agencies
The Central Bank of Nigeria has issued updated guidelines for foreign exchange sales by oil and oil service companies, NNPC, and other government agencies. These new instructions require payment messages to contain the beneficiary's name (oil company/organisation), their bank's name, and the purpose of payment. Failing to provide this information may delay processing and payment of naira proceeds.
Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja
Tel: 09 462 37 811 May 23, 2007 Fax: 09 462 37 809 E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/072/09 May 4, 2009 TO: ALL AUTHORISED DEALERS OIL AND OIL SERVICE COMPANIES AND OTHER GOVERNMENT AGENCIES RE: FURTHER GUIDELINES ON THE SALE OF FOREIGN EXCHANGE BY OIL AND OIL SERVICE COMPANIES, NNPC AND OTHER GOVERNMENT AGENCIES Further to the circular Ref: TED/FEM/FPC/GEN/01/032 of March 6, 2009, Oil and Oil Service Companies and other Government Agencies are hereby notified that messages/payment instructions in respect of foreign exchange sales to CBN should contain the following information.
a) Name of beneficiary i.e. the Oil company/organisation b) Name of beneficiary bank c) Purpose of payment. For the avoidance of doubt, any message that does not contain adequate information shall result in the delay of processing and payment of the Naira proceeds to the beneficiary. Please ensure compliance accordingly. H. A. SALAKO for: DIRECTOR TRADE & EXCHANGE DEPARTMENT