Rule · CBN · 19 Mar 2007 · TED-FEM-GEN-FPC-01-35-07

Need For Importers Of Petroleum Products To Have Depot/Storage Facilities

The Central Bank of Nigeria has mandated that all licensed importers of petroleum products must have depots/storage facilities and provide proof from the Department of Petroleum Resources. Starting from the date of this circular, Authorised Dealers are required to verify this documentation before processing transactions. Failure to comply may result in sanctions, including suspension from the Forex Market. The Trade & Exchange Department urges all Authorised Dealers to adhere to this directive.

NigeriaCentral Bank of Nigeria

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Central Bank of Nigeria Central Business District P.M.B. 0187 Garki, Abuja E-mail: ted@cenbank.org

Our Ref: TED/FEM/GEN/FPC/01/34 March 13, 2007 TO: ALL AUTHORISED DEALERS, IMPORTERS AND THE GENERAL PUBLIC NEED FOR IMPORTERS OF PETROLEUM PRODUCTS TO HAVE DEPOT/STORAGE FACILITIES This is to inform all Authorised Dealers that, with effect from the date of this circular, all licensed importer of petroleum products shall produce documentary evidence, issued by Department of Petroleum Resources, evidencing that they have depots and or storage facilities before their transactions can be treated. For the avoidance of doubt, any Authorised Dealer found to have processed such transactions without evidence/proof that the importer has depot/storage facilities shall be sanctioned appropriately, including suspension from the Forex Market. Authorised Dealers are enjoined to ensure compliance.

O. O. AKANJI (MRS) DIRECTOR TRADE & EXCHANGE DEPARTMENT

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