ARTICLE
6 April 2017

Proposed Changes To The Foreign Exchange Regime In Nigeria

PN
PwC Nigeria

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PwC Nigeria is one of the leading professional services ?rms in Nigeria with of?ces in Lagos, Abuja and Port Harcourt, with over 1,000 staff and 31 resident partners. We are committed to serving as a force for integrity, good sense and wise solutions to the problems facing businesses and the capital markets. We are guided by one promise – to do what is right, be it with our people, clients, community, or environment.
A Foreign Exchange (Control and Monitoring) Bill 2016 has recently passed second reading at the National Assembly.
Nigeria Finance and Banking

A Foreign Exchange (Control and Monitoring) Bill 2016 has recently passed second reading at the National Assembly. The Bill seeks to repeal the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act ("FEMMPA") 1995, the principal law regulating Nigeria's foreign exchange regime.

The key changes include:

  1. granting of more powers to the CBN to regulate the forex market without requiring any approval from the finance minister;
  2. regulation of foreign currency transactions performed in a foreign country which will have effect in Nigeria;
  3. requirement to obtain certificate of capital importation within 48 hours (currently 24 hours); and
  4. prohibition of payments in foreign currency for goods and services in Nigeria.

Read our alert for further details. A copy of the Bill is also available below.

Download PwC Regulatory Alert_Forex Bill

Download Foreign Exchange (Control and Monitoring) Bill 2016

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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