Manufacturers and Importers are lamenting the impact of the new directive of CBN on the Form ‘M’ on their businesses.
This was after a directive from the Central Bank of Nigeria (CBN) mandating all importers of goods not valid for foreign exchange to submit their Form ‘M’ through their dealer banks for onward validation by the apex bank.
They expressed the view that too much regulations in the system would have adverse effects on the business atmosphere for them especially in an import dependent economy where raw materials for the manufacturing sectors are mostly imported.
It would be recalled that the CBN recently issued a directive demanding importers of goods not valid for foreign exchange to submit the pro forma invoice, insurance certificate and written confirmation of banking showing the fund source before approval for opening of Form ‘M’ would be granted.
