CBN Introduces Form for SMEs Forex Application

Central Bank of Nigerian-logoHello Reader,

As part of the on-going strategies to increase forex liquidity and improve access by the SMEs and retail businesses to forex, The Central Bank of Nigeria has introduced the use of “Form X” for the Small and Medium-scale Enterprises (SMEs) intending to purchase foreign exchange from the apex bank.

The CBN stated that the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex.

Confirming the information on Monday, the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said that the measure was intended to reduce documentation challenges usually encountered by businesses in the SMEs categories.

Okorafor further stated that the new form must be completed by all the SME applicants and the applicants will also be required to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.

Mr Okorafor explained that the objective of the new guideline was to remove obstacles often encountered by those whose forex needs for either visibles or invisibles were as small as $10,000 or lesser.

Okorafor stressed the apex bank’s resolve to continue to ensure adequate supply of forex for genuine transactions in the days ahead.

It will be recalled that the introduction of the “Form X” came barely a week after the CBN opened a special forex window for the SMEs.

However, the naira closed at N410/dollar on the parallel market on Monday, the last day of the Easter holidays, (Punch).

Meanwhile, with the various forex policy interventions by the apex bank, the SMEs now have simplified means of forex application; even as we hope to see the Naira appreciate against the dollar and to stabilize, so businesses can flourish, again. The time to think and act is now; these are life and business essentials, so let’s keep thinking clearly. Thank you for reading and do have a beautiful day!

Your suggestions, comments or contributions are highly appreciated.

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CBN Introduces Form for SMEs Forex Application

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