The Central Bank of Nigeria (CBN) said the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCI) related transactions
This was contained in a circular, ‘TED/FEM/PUB/FPC/001/025’ addressed to all authorised dealers and the general public by the Acting Director, Trade and Exchange department of the CBN, Dr W. J. Kanya
The notification read in part: “This is to clarify that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCI) related transactions.
“For the avoidance of doubt, every divestment or repatriation of foreign investment be it a pre-liquidation or matured investment, should present the following documents:
“(a) Evidence of electronic Certificate of Capital Importation. (b) Evidence of redemption of investment in local currency assets (money market instrument, debt securities, equities etc.”
