The Central Bank of Nigeria (CBN) has introduced the use of FORM X for the Small and Medium Enterprises, banksSMEs that requires basic documentation.
The measure is part of the bank’s determination to increase foreign exchange liquidity and improve access to SMEs and retail businesses.
Confirming the new development, CBN, spokesman, Isaac Okorafor, said that the innovative measure is 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 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, is 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.