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Central Bank of Nigeria

Destination Payment for All Forms M, Letters of Credit and Other Forms of Payment

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Author
Central Bank of Nigeria
Reference No.
TED/FEM/FPC/GEN/01/005
Year
2020
Pages
1 page

The Central Bank of Nigeria directs authorised dealers to stop opening Forms M when payments are routed through buying companies, agents, or other third parties, requiring payment in favour of the ultimate supplier. The directive also introduces a Product Price Verification Mechanism requiring quoted prices…

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