CBN Communication On The Review Of Form 'm'and Bill Of Exchange Validity.

The Central Bank of Nigeria (CBN) has informed us of a review of the validity of Form'M' and Bill of Exchangeas follows:

The circular directed that where the transaction could not be consummated within the initial validity period and the extension by the authorised dealer (bank), request for further extension should be communicated to the CBN for consideration.

Also, all Forms 'M' on which no shipment has taken place from the date of registration would be automatically cancelled after two (2) years in the case of general merchandise, and five (5) years in the case of Plant, Machinery and Equipment.

The review takes effect from December 1st, 2017.