In a bid to ease access to foreign exchange for operators in the nation’s Small and Medium-scale Enterprises (SMEs) and retail businesses, the Central Bank of Nigeria (CBN) has announced the introduction of the use of FORM Q.
Isaac Okorafor, the CBN’s spokesman, who confirmed the development, said the measure is expected to minimise documentation challenges usually encountered by this category of businesses.
He further explained that FORM X must be completed by all SME applicants with a supporting application letter, beneficiary invoice and bank wire transfer.
The objective of the new guideline, Okoroafor added, is removal of obstacles usually encountered by those whose forex needs for either visibles or invisibles were as little as, or less than $10,000.
He reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days.