Trade And Treasury Solutions
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Form M is a mandatory statutory document to be completed by all importers for importation of goods into Nigeria. It has a standard life span of 360 days for general merchandise and 720 days for plant and machinery, after which an extension of 180 days for general merchandise and 360 days for plant and machinery can be granted on the Form M by the Authorized Dealer (Banks). Any further extension must be approved by the Central Bank of Nigeria (CBN).
- ☑ Proforma invoice with 91 days validity from the date of issuance.
- ☑Insurance certificate locally issued at 110% cover on the C&F.
- ☑Regulatory certificate i.e, NAFDAC, SONCAP Product certificate, DPR etc.
Letter of Credit (LC)
This is a commitment of issuing bank that a certain sum of money will be paid to a beneficiary upon presentation of credit compliant documents, It can also be issued on sight or deferred payment basis.
- ☑Registered Form M.
- ☑Duly Completed Titan Trust Bank LC application form.
- ☑Customer's Instruction Letter
Bills for Collection
This is a mode of payment used for the importation of Physical goods into Nigeria. This is a presentation on collection basis in which the drawer will send documents through a remitting bank to the drawee and that a certain sum of money should be paid at sight or at a future date.
- ☑Matured bill of exchange that is duly accepted by drawee.
- ☑Customer bid letters.
- ☑Submission of exchange control documents.
- ☑Compliant presentation of documents.
This form is meant for small scale importers in small scale business enterprise. Importers stand to access a maximum of $20,000.00 per quarter in a year for import of physical goods.
- ☑Form Q.
- ☑Customer's instruction letter.
- ☑Proforma Invoice.
- ☑Customers account must be up to six months old.
Not-Valid for Forex Exchange
This is a process of form M registration for the purpose of duty payment.
- ☑Registered Form M.
- ☑Shipping documents for PAAR processing
- ☑Collection of duty payment.
This is movement of physical goods out of the country for foreign exchange proceed.
- ☑Proforma invoice.
- ☑Certificate of incorporation.
- ☑A valid certificate of Nigeria export promotion council.
- ☑Registration of item to be exported on NXP platform.
- ☑Shipping documents e.g Bill of Lading, Commercial invoice e.t.c.
- ☑Other certificates e.g Form EUR-1 for goods being exported to Europe.
- ☑Bill of Exit.
- ☑Bill of Lading.
- ☑Final invoice.
- ☑Commercial invoice.
- ☑Packing List.
- ☑Certificate of Origin
- ☑Clean Certificate of Inspection (CCI)
Spot And Forward
Spot: This is a currency purchase in which the fund settlement is expected at T+2 working days. i.e transaction date plus two working days for settlement
Forward: This is a currency dealing in which the settlement date is above T+2 working days.
Treasury bills are classified into Nigerian Treasury Bills (NTB) which is issued by the Federal Government to borrow money on a short-term basis via regular auctions and OMO Bills which is used as a tool to control money supply/velocity by the CBN.
Short term basis is any period from zero to 365 days i.e, not more than one year
Treasury bills are issued in tenors of 91 days (3 months), 182 days (6 months) and 364 days (1 year).
The auctions where the Nigerian Treasury Bills (NTB) are sold usually hold fortnightly on Wednesdays. OMO bills are offered at the discretion of the Central Bank.
- ☑Upfront interest, providing opportunity for re-investment.
- ☑Highly liquid i.e., easy to convert back to cash
- ☑Very safe with near zero risk.
We receive international funds transfer on behalf of our customers and at the same time we remit international funds transfer for all our customers in all convertible currencies through the customer ordinary domiciliary accounts.
Customer duly signed instruction stating the purpose of payment are required to be stated on the instruction details.
Click here to download the Titan Current Account opening form. The form can be submitted at any Titan Trust Bank branch or emailed to us at: email@example.com
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Please send a mail to: firstname.lastname@example.org