November 23, 2020/Coronation Report The Monetary Policy Council (MPC) of the Central Bank of Nigeria (CBN) meets today and is due to deliver its verdict on its Monetary Policy Rate (MPR) tomorrow. We think that, after its surprising cut from 12.50% to 11.50% in September, it will leave the MPR […]
Money Market
CBN Clarifies on “Form M” to be Processed for Purchases Made Via Third-Party Agents
November 23, 2020/CBN The Central Bank of Nigeria (CBN) has issued a circular (“the Clarification Circular”) to clarify the meaning of the term ‘ultimate supplier’, which was used in a recent circular (2the Circular) directing Authorised Banks to discontinue the process of opening Forms M for Nigerian importers if payments […]
CBN Issues Clarification on Destination Payment for All Forms M, Letters of Credit and Other Forms of Payment
November 19, 2020/CBN Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/005 of August 24, 2020, on the above subject and following different interpretations of the term “Ultimate Supplier of products”, Authorized Dealers and the General public are hereby notified of the following clarifications; That the provision of “Ultimate Supplier of products” […]
