CBN Restricts Use of Unfettered Access in Exchange Manual

Regulators
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Monday, February 23, 2015 10.19AM/CBN

Following different interpretations of Memorandum 26, Paragraph (5), Section (D) of the Foreign Exchange Manual, it has become imperative to clarify the term "unfettered access" as contained in the provisions under reference.

For the avoidance of doubt, all authorized dealers and the general public are to note that henceforth, the term, "unfettered access" granted to holders of export proceeds domiciliary accounts shall be strictly construed to mean that the proceeds of exports in the account can only be:

i. Used by the exporters to finance eligible and other trade related transactions supported with appropriate documentation

ii. Sold to authorize dealers (banks) for eligible transactions only.

Any exporter that henceforth utilizes the export proceeds for non-eligible transactions will be barred from the exchange market in Nigeria.

Please be guided and ensure strict compliance.

 

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