CENTRAL BANK OF NIGERIA
Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09-61637800 09-61637804 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/003 April 18, 2017

To:

ALL AUTHORISED DEALERS &
THE GENERAL PUBLIC
RE: FOREIGN EXCHANGE PAYMENT FOR SMALL-SCALE IMPORTATION Further to the circular referenced TED/FEM/FPC/GEN/01/002 dated April 10, 2017, on the above subject, the Central Bank of Nigeria hereby introduces the use of FORM Q by Small and Medium Scale Enterprises (SMEs) as part of its efforts to improve access to foreign exchange by SMEs. The Form has been designed to ease the documentation requirements by this sector.

The new Form Q is to be obtained from the Authorised Dealers and completed by all SME applicants subject to the following conditions:
a. applicants must be account holders with the processing Authorised Dealers and must have operated an account for not less than six (6) months b. applicants must submit a written application letter c. provision of Proforma Invoice (PFI) from the supplier d. provision of suppliers'/beneficiary's bank account details.

For the avoidance of doubt, the objective of this new guideline is to ease the obstacles encountered by the SMEs and improve retail business access to the foreign exchange market.

Furthermore, processing banks shall render monthly returns on the transactions to the Director, Trade and Exchange Department.

This circular takes immediate effect.

Please ex sure compliance.

W.D GOTRING
DIRECTOR
TRADE & EXCHANGE DEPARTMENT

Central Bank Of Nigeria

FORM Q foreign exchange application form FOR SMALL AND MEDIUM ENTERPRISES AND RETAIL BUSINESSES (To be completed in duplicate)

1 Name of Applicant
2 Applicant's BVN
3 Address of Applicant
4 Telephone No.
5 email Address
6 Annual Turnover
7 Number of Employees
8 Applicant's Bank Name
9 Applicant's Bank Account No.
10 Item of Import/Service
	Beneficiary Transfer Instruction
11 Name of Beneficiary
12 Account Details of Beneficiary
a Beneficiary Bank Name
b Beneficiary Bank Address
c IBAN
d Swift Code
e Amount(in words and figures)
f Purpose of Remittance/Transfer

APPLICANT'S CERTIFICATION l/We hereby certify/confirm that the information provided above are true and correct.

Authorized Signatory Authorized Signatory NOTE: All requests MUST be accompanied by customer's duly signed application letter, proforma invoice and beneficiary bank account details. Applicant Must have operated account in the bank for at least six(6) months FOR BANK USE ONLY Processor Authorised