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Monday, August 24, 2020 / 05:07 PM /By
CBN / Header Image Credit: BusinessDay
As part
of continued efforts by the Central Bank of Nigeria to ensure prudent use of foreign exchange resources and eliminate
incidences of over-invoicing, transfer pricing, double handling charges, and
avoidable costs that are ultimately passed to the average Nigerian consumers, Authorised dealers are hereby directed to desist from opening of Forms M whose payment are routed through a buying company/agent or any other third-parties.
Accordingly, all Authorised Dealers are hereby requested to only open Forms M for letters of Credit, Bills for
collection and other forms of payment in favour of the
ultimate supplier of the product or service. This directive is with immediate effect.
Additionally, in line with best
practices around the world, the
CBN will be immediately introducing a
Product Price Verification Mechanism to forestall
over-pricing and/or mispricing of goods and services
imported into country. All authorised dealers shall use this mechanism to verify quoted
prices before Forms M are approved.
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