The Central Bank of Nigeria (CBN) has introduced the use of FORM X for the Small and Medium Enterprises that requires just basic documentation.
The Apex bank said the move is part of its determination to increase foreign exchange liquidity and improve access by Small and Medium Enterprises (SMEs) and retail businesses.
Confirming the new development, the Apex Bank spokesman, Mr Isaac Okorafor, disclosed that the innovative measure is intended to ease documentation challenges usually encountered by this category of businesses.
According to him; “The objective of the new guideline, is to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000”.
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.
Okoroafor reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days