CBN clarifies that ‘Form M’ may be processed for purchases made through third-party agents
CBN has issued a circular to clarify the meaning of the term ‘ultimate supplier’, which was used in a recent circular directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments are routed through buying companies.
Nigeria’s Recent Trade Restrictions: A good or bad move?
The Central Bank of Nigeria recently directed all Authorized Dealers to discontinue the process of opening a Form M1 for Nigerian purchasers, if payments for the purchases are routed through a buying company, buying agent or any other third party assigned to facilitate such purchase transactions.
CBN halts processing of Form M for purchases made through third-party agents
CBN has directed Authorised Dealers to cease the opening of Form Ms whose payments are routed through buying companies/agents or any other third party.
Central Bank of Nigeria automates the export process with the introduction of e-Form ‘NXP’
The Central Bank of Nigeria (CBN), on 28 October 2019, released a circular (“the Circular”) informing the public about the deployment of an automated e-form ‘NXP’ (the Form) to replace hard copy form ‘NXP’ with effect from 31 October 2019.
Stamp duties on bank deposits and transfers – Are there unresolved issues?
The Stamp Duties Act, Chapter S8, Laws of the Federation of Nigeria (LFN) 2004 (SDA) provides the legal basis for the imposition and collection of stamp duties in Nigeria. Stamp duties are chargeable on all instruments relating to matters executed between a company and individual, group or body of individuals and those executed between persons or individuals.