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CBN clarifies new directives on SFEM

by Business News Report

The Central Bank of Nigeria, CBN, has clarified some aspects of its new directives to authorised dealers in foreign exchange.
In the clarification letter, the CBN said that each return should be rendered on the form SFEM/CON/2/86 or on a clear computer print out based on the same format in respect of funds acquired from each bidding session.
CBN also said that the returns are to be rendered in five sets. For clarification went further to state that funds sold to other banks (inter bank sales) from the funds acquired from the bidding sessions before the ban on inter-bank sales should also be reflected in the returns n which case the name of the buying bank should be entered in the column.
The authorised dealers were also reminded of the need to have each return signed by an executive director of the bank.
The last date for submitting the first set of returns to the Central Bank still stands.

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