CBN’s Issues Form Q For SME’s; What You Need To Know

The Central Bank of Nigeria last week announced that it had created a new window for SME’s to access forex. SME will now be able to purchase about $20,000 per quarter to pay for imports. The CBN on Tuesday, issued a circular revealing details about this new window.

Here are the key details:

  • The Central Bank introduced a Form Q which will be used by SME’s to access this special fX window.
  • Form Q is for Small and Medium Enterprises and Retail Businesses.
  • The Form Q can be obtained from authorized dealers such as commercial banks and any other financial institution approved to sell FX.
  • SME’s looking to access FX from this window must have an account in the bank which must have been in operation for at least 6 months.
  • Applicant SME’s will also need to write a letter to the bank officially requesting for FX
  • They will also need to provide the Proforma Invoice and include the bank details of the suppliers.
  • The cash will not be paid to the SME’s but will be transferred directly to their suppliers abroad.
  • Applicants will also need to include their BVN, email addresses, annual turnover, what they are importing etc.