CBN Orders BDCs to Honour Letter of Credit Established Prior to Jun 23rd for 41 Items Ban for FOREX

Friday, October 23, 2015 06:08PM / CBN

Further to the circular Ref: TED/FEM/FPC/GEN/10/010 of June23, 2015 on the above subject, Authorised dealer are hereby informed of the following for immediate compliance:

1.       Confirmed /Unconfirmed Letters of Credit established before the release of the circular of June 23,2015 in respect of the 41 items excluded from the foreign exchange market can now be paid from the interbank foreign exchange market.

2.      This circular applies only to the “LETTERS OF CREDIT” established for the 41 items prior to the date of the circular

3.      Banks are required to render weekly returns on the negotiated Letters of Credit to the Director, Trade and Exchange Department, CBN Abuja as per attached format.
 

4.      For the avoidance of doubt, no bank or Bureau de Change(BDC) is to provide foreign exchange for any of the 41 items in respect of Forms ‘M’ established after June 23,2015.

Click Here to Download Circular

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