Forex: CBN asks SMEs to report case of frustration by bank

• Let’s protect SMEs, report to CBN
To ensure that nobody sabotages its efforts at easing the flow of foreign exchange to Small and Medium Enterprises (SMEs) that need it, the Central Bank of Nigeria (CBN) has released the means of contacting it in case of any frustration encountered in accessing forex from the banks.
CBN recently introduced use of Form X for SMEs for easy access of forex as well as increasing foreign exchange liquidity and improve access by the means of just basic documentation.
The apex bank spokesman, Mr. Isaac Okorafor, on a social media platform on Friday wrote: “Do you own or run or know who owns or runs a Small or Medium Enterprises (SME0 business?
“Do you need to obtain foreign exchange for your legitimate imports? Are you being frustrated by your bank, 48 hours after you have applied and submitted required documents?
“Then take your case to CBN, simply call 07002255226 or send an email to cpd@cbn.gov.ng”.
CBN had earlier said that the innovative measure use of using Form X format is intended to ease documentation challenges usually encountered by this category of businesses.
In earlier press statement, Okorafor had explained that the new form which must be completed by all SME applicants requires the applicant to fill the form with a supporting application letter as well as beneficiary invoice and bank wire transfer.
According to him, the objective of the new guideline is to remove obstacles usually encountered by those whose forex needs for either visibles or invisibles were as small as or less than $10,000.
He reiterated the apex bank’s determination to continue to ensure adequate supply of forex for genuine transactions in the coming days.