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The Central Bank of Nigeria (CBN), in a new circular, has clarified its position on withdrawing third parties from the purchase of currency channeled through Form M, letters of credit and other forms of payment.

While reiterating its previous directive that payment to all M forms, letters of credit and other forms of payment should be made directly to the end product supplier; it provided for conditions that importers had to meet if they chose to use a purchasing company other than the main manufacturer.

It was disclosed in a circular bearing the reference number TED / FEM / FPC / GEN / 01/009, which was issued by the CBN to all authorized dealers and to the general public on November 18, 2020, and signed by its director of trade and exchanges, Dr. OS Nnaji. The circular follows the one published previously by the umbrella bank on the same subject in August 2020.

According to the previous CBN directive, the name of the final product supplier must be the payee on the M form, invoice, bill of exchange, instrument letter of credit and any other documents relevant to the transaction.

Final Product Supplier means the direct party who sells the goods to the importer, whether the party involved is the manufacturer or an internationally recognized company / supplier / purchasing agent.

GTBank 728 x 90

The CBN Circular states that licensed brokers should ensure that payments are made only to the beneficiary whose name appears on the M form, invoice, bill of exchange, instrument letter of credit and any other relevant document.

It further clarifies that where it is unavoidable that an importer chooses to use a purchasing company, other than the primary manufacturer, the importer should make the following documents available, as appropriate, for review and approval by the CBN before opening the M form;

  • Detailed KYC and profile of the purchasing company.
  • 3-year audited financial statement of the purchasing company.
  • Letter of reference from the banker of the buying company, indicating relationship and capacity.
  • Home country transfer pricing policy and arrangements.
  • Registration with the chamber of commerce of his country of origin.
  • Proof of tax payments in the country of origin.
  • Proof of authorization to act as agents and / or distributors to the original equipment manufacturer.

All authorized dealers are requested in the circular to ensure that the list of eligible third parties that meet the above requirements is submitted to the bank for authentication prior to integration.

Coronation announcements

This clarification and flexibility on the part of the umbrella bank on this new policy follows the outcry and criticism from importers and stakeholders over the feasibility of the policy, which they believe will have a negative impact on importers’ activities. even genuine.

This means that importers who wish to use third parties other than the primary manufacturers will have to undergo careful scrutiny and meet certain criteria before they can be considered eligible.

This CBN policy is seen as part of the continued efforts to ensure the prudent use of the country’s foreign exchange resources and should help eliminate the incidences of overcharging, transfer pricing, double processing fees and avoiding costs. which are ultimately passed on to the average Nigerian consumer.

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