The Central Bank of Nigeria (CBN) has opened another foreign exchange window for small and medium scale businesses. The bank’s special intervention was necessitated by its findings that a large number of were being crowded out of the Forex space by large firms.
According to the , SMEs are enterprises that have asset base (excluding land) of between N5 million and N500 million and a labour force of between 11 and 300.
So, if you are an entrepreneur who falls within this category, here’s all you need to know about the CBN’s Forex window for small businesses:
1. CBN would allocate $20,000 per business per quarter to help small and medium enterprises (SMEs) import “eligible finished and semi-finished items” needed for their businesses.
2. The amount per SME customer per quarter can be effected by telegraphic transfer subject to completion of Form ‘M’ supported with proforma Invoice and the importer’s Bank Verification Number (BVN).
3. All processing banks are to ensure that the importers submit relevant shipping documents not later than 60 days from the date of the transfer.
4. CBN has begun the massive sale of foreign exchange in different sectors of the Forex market this week.
5. Just this Monday, CBN intervened by offering the sum of $100 million to authorized dealers at the Forex auction in the interbank wholesale window.
6. The Bank also sold $10,000 each to BDCs to meet the needs of low-end users in the country.
7. Dealers in the wholesale segment have started having value for their respective bids since Tuesday, April 11, 2017.
8. CBN may continue its special intervention in the market with the sale of more dollars to and in both the retail and wholesale windows in the course of the week.
With these information, what are you awaiting for?! Head for your bank now!
