CBN clarifies that ‘Form M’ may be processed for purchases made through third party agents

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.