The Central Bank of Nigeria, CBN, has directed all authorised dealers to send details of their foreign exchange transactions to the CBN before September 11.
The CBN said that the information required which are to be supplied in a stipulated format include the name of customers on behalf of which transactions were undertaken; type of transaction; the total amount due and payable in dollars and naira interest payable in $ and N equivalent.
Other information sought are CBN reference and date of lodgement; date of application authorised dealers, total amount paid by customer in naira and amount due from or refunded to customer in naira.
These details are to be submitted in triplicate to the director Trade and Exchange Department, CBN.
The CBN also said that with affect from September 1, 1987, no more application for foreign exchange in respect of transactions covered by the first-tier transitional arrangement will be entertained by the CBN.
The Central Bank further noted that all such applications should be processed by the authorised dealers subject strictly to the guidelines for FEM transactions.
