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Instalmental remittance at FEM approved

by Business News Report

Instalmental remittances in respect of invisible trade transactions and bills for collection are now permissible in the FEM operation, The Republic investigation has revealed.
It was also learnt that in cases where foreign exchange balances are untutilised in respect of letters of credit which had been fully negotiated, such balances are to be repurchased by the dealing bank concerned at the banks prevailing buying rate of exchange as at the date of the purchase.
This new trend in FEM operations, top financial sources disclosed are aimed at introducing flexibility into the foreign exchange market, FEM.
The flexibility, CBN sources said has become necessary in FEM transactions in order to provide convenience to bonafide applicants for foreign exchange.

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