By Modupe Gbadeyanka
Small and Medium-size Enterprises (SMEs) in the country will now have access to at least $20,000 per quarter, the Central Bank of Nigeria (CBN) has pledged.
In a circular signed and issued on Monday by its Director of Trade & Exchange Department, W.D Gotring, the central bank said the amount if for SMEs willing to import materials into the country.
The apex bank explained that it took this step “in the continued effort to accommodate all stakeholders in the foreign exchange market.”
Gotring further said the $20,000 is for a customer per quarter and can be effected by “telegraphic transfer subject to completion of Form ‘M’ supported with Proforma Invoice and the importer’s BVN.”
According to the circular, which takes immediate effect, “All processing banks shall ensure that the importers submit the relevant shipping documents not later than 60 days from the date of transfer.”
It said “processing banks shall render monthly returns on submission of the final shipping documents to the Director of Trade & Exchange Department” of the CBN.
