CBN Introduces ‘Form X’ to Ease Forex Documentation for SMEs

As part of its determination to increase foreign exchange liquidity and improve access by Small and Medium Enterprises, SMEs, and retail businesses, the Central Bank of Nigeria, CBN, has introduced the use of FORM X for the SMEs that require just basic documentation.

Confirming the development, the apex bank spokesman, Mr Isaac Okorafor, said the innovative measure was intended to ease documentation challenges usually encountered by this category of businesses.

He further 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.

The objective of the new guideline, he added, 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. He reiterated the apex bank’s determination to continue to ensure

He reiterated the apex bank’s determination to continue to ensure an adequate supply of forex for genuine transactions in the coming days.

Last week, the CBN opened a special foreign exchange window for SMEs to access $10,000 per quarter for the importation of basic items for their operations.

Source: Vanguard