2007-06-26 | OFID-02-2007

Introduction of the New Uniform Customs and Practice (UCP 600) For Documentary Credit

The Central Bank of Nigeria announces the adoption of the new Uniform Customs and Practice (UCP 600) for documentary credits, effective July 1, 2007. The new regulations outline specific requirements for Letters of Credit, including detailed descriptions of goods and services, specific fields on the SWIFT format, necessary documents, additional conditions, and the period of presentation. All charges for Letters of Credit must be paid before advising correspondence banks to sustain the country's financial integrity.

Nigeria

Central Bank of Nigeria

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