CBN Clarifies Instructions on Foreign Exchange Manual, Gives Order
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The Central Bank of Nigeria (CBN) has clarified its foreign investment rules, requiring transaction evidence for repatriation and divestment of foreign investments. The guidelines outlined in the CBN's foreign exchange manual apply universally to all Certificate of Capital Importation (CCI) transactions. Foreign investors seeking to divest must present specific documentation to their banks, including an electronic Certificate of Capital Importation and proof of redemption of investments in local currency assets. The directive aims to ensure transparency and bolster confidence among foreign investors. In the first half of 2024, foreign investors liquidated N311.41 billion worth of portfolio investments in Nigeria, while foreign investment inflows were reported at N229.07 billion. The CBN has also given international oil companies the go-ahead to sell their remaining repatriated export revenues.
#Cbn #ForeignExchange #ForeignInvestment #Repatriation #Divestment
https://www.legit.ng/business-economy/money/1607218-cbn-releases-clarifications-foreign-investment-rules-demands-transaction-evidence/
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