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).
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.
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.
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.
Not-Valid for Forex Exchange
This is a process of form M registration for the purpose of duty payment.
This is movement of physical goods out of the country for foreign exchange proceed.
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.
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.