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FX Updates
The FX market is in a constant state of flux, rising or falling in response to economic and fiscal stimuli occurring anywhere on the planet. The Central Bank of Nigeria (CBN) reacts to these changes in a variety of ways, deploying an assortment of measures to mitigate any ill-effects and maximize any advantages that may arise from these changes. The CBN issues updates on its interventions to notify the public of its actions and you can find those updates here.
Form Q For SMEs
Form Q was introduced by The Central Bank of Nigeria (CBN) to improve access to foreign exchange for Small and Medium Scale Enterprises (SMEs).
All SMEs can apply for foreign exchange, by presenting a completed form alongside the following documents:
• Applicants must be account holders with the processing Authorised Dealers and must have operated an account for not less than six (6) months
• Applicants must submit a written application letter
• Provision of Proforma Invoice (PFI) from the supplier
• Provision of suppliers’/beneficiary’s bank account details
Customers must submit the relevant shipping documents not later than 60 days deadline from the date of transfer. (This will be hyperlinked to the form)
