The Central Bank of Nigeria, CBN, has introduced “Form X” for the Small and Medium-scale Enterprises, SMEs seeking to purchase foreign exchange, Forex.
Isaac Okorafor, acting director, Corporate Communications, CBN, explained that the new form, which must be completed by SME applicants required the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.
He said the objective of the new guideline was to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000.
Okorafor said the decision was part of CBN’s commitment to increase forex liquidity and improve access by the SMEs and retail businesses, and that the measure was intended to ease documentation challenges usually encountered by this category of businesses.
He reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days.
The ‘’Form X” was introduced barely one week after the CBN opened a special forex window for the SMEs.