Forex: CBN relaxes directive on Form ‘M’

Nigeria’s forex inflow suffers 54% decline in January

The Central Bank of Nigeria (CBN) has issued a new directive on Form M, which indicates the apex bank has reversed earlier strict disallowance of opening the Form M for third parties by dealers. In a circular on Thursday, the apex bank issued    fresh directives specifying conditions under which it could approve Form ‘Ms’ payment routed through buying companies. Recall that earlier on August 24th, the CBN had issued a circular stating: “Authorised dealers are hereby directed to desist from opening Forms ‘M’ whose payment are routed through a…

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CBN Abolishes Third Parties In Forex Deals For Goods Importation

Form M, CBN, Forex

The Central Bank of Nigeria has moved to curb abuse of forex acquisition by dealers as the apex bank banned with immediate effect involvement of third parties in getting forex for imported goods in the country. The apex addressed dealers and the general public via a circular titeld ‘Destination payment for all Forms M, Letters of Credit and other forms of payment’, signed on Monday by Dr O. S. NNaji, its Director, Trade and Exchange Department, the apex bank Nnaji said, “Authorised dealers are hereby directed to desist from opening…

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