CBN Introduces ‘Form X’ To Ease Forex Documentation For SMEs
The Central Bank of Nigeria, CBN, has introduced the use of FORM X for the Small and Medium Enterprises, SMEs as a basic criteria to access foreign exchange in the country.
Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor made the announcement yesterday in Abuja.
According to Okorafor, the innovative measure was introduced to ease documentation challenges usually encountered by this category of businesses.
He explained that the new form, which must be completed by all SME applicants, required the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.
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“The objective of the new guideline is to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000″, he said.
He reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days.
Recall that apex bank recently announced a special foreign exchange window for SMEs to access $10,000 per quarter for importation of basic items for their operations.
