Regulatory Alerts2013-11-14 | TED/FEM/FPC/GEN/01/016Added · Updated
Re: Transactions in "Free Funds" by Authorised Dealers
The Central Bank of Nigeria's Trade and Exchange Department has reminded Authorised Dealers that engaging in transactions involving "free funds" without appropriate documentation remains unlawful according to the 2004 circular, TED/AD/29/2004. All dealings in foreign exchange should be backed by necessary documentation and reported to Regulatory Authorities regardless of the origin of such funds. Violations of these provisions will face appropriate sanctions.
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