Relying on the introduction of the use of Form X, for the Small and Medium-scale Enterprises (SMEs) seeking to purchase foreign exchange from the Central Bank of Nigeria (CBN), analysts are upbeat that that the policy will grow the activities of the subsector.
At first, the apex bank said the decision was part of its commitment to increase forex liquidity and improve access by the SMEs and retail businesses to forex.
Acting Director of Corporate Communications at the CBN, Mr. Isaac Okorafor, who confirmed this, revealed that the measure was intended to ease documentation challenges usually encountered by this category of businesses.
According to him, the new form, which must be completed by all the SME applicants required seekers to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.
He said the objective of the new guideline, was to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000.