CBN Issues New Form for SMEs

In order to further simplify accessibility to foreign exchange by the Small and Medium Scale Enterprises (SMEs) the Central Bank of Nigeria (CBN) has introduced a newly designed form to facilitate minimal documentation.

Confirming this new development on Monday, the apex Bank spokesman, Mr Isaac Okorafor said the motive behind the new form is “to provide for the foreign exchange needs of SMEs, including those in retail business and to reduce the rigour of too much documentation.”

According to him, the Bank has decided to ease the difficulty usually experienced by these category of businesses.

Mr okorafor further explained that “henceforth, all SMEs seeking to obtain foreign exchange for eligible transactions shall now fill the newly designed form with basic documentation only for the importation of goods and services.”

With this, the SMEs would be accommodated under the SME Foreign Exchange regime recently introduced by the apex Bank at the prevailing rate to import eligible visible and invisible items, he noted.

This new measure will take immediate effect and importers in this category would no longer be required to fill Form M.