COMFORT EKELEME
As part of its determination to increase foreign exchange liquidity and improve retail business, the Central Bank of Nigeria (CBN) has introduced the use of FORM X for the Small and Medium Enterprises (SMEs) banks that require basic documentation.Confirming the new development, CBN’s spokesman, Isaac Okorafor, said the innovative measure was intended to ease documentation challenges usually encountered by this category of businesses, explaining that the new form which must be completed by all SME applicants requires the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.
The objective of the new guideline, he added, was to remove obstacles usually encountered by those whose forex needs for either visible or invisible were as small as or less than $10,000.
He reiterated the apex bank’s determination to continue to ensure an adequate supply of forex for genuine transactions in the coming days.
For a better Society