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Foreign Exchange Payment for Small-scale Importation

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Friday, April 21, 2017/ 12:55 PM /CBN

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 ensure compliance.

Download Form Q Here


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