As part of efforts to ease documentation and access to foreign exchange for Small and Medium-scale Enterprises (SME) and retail businesses, the Central Bank of Nigeria (CBN) has introduced the use of FORM X.
Isaac Okorafor, the CBN’s spokesman, who confirmed the development, said the innovation is intended to make documentation challenges usually encountered by this category of businesses very minimal.
He further explained that FORM X must be completed by all SME applicants with a supporting application letter, beneficiary invoice and bank wire transfer.
The objective of the new guideline, Okoroafor added, is removal of obstacles usually encountered by those whose forex needs for either visibles or invisibles were as little as, or less than $10,000.
He reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days.