Form Q

Submitted bydoncheks onMon, 04/23/2018 - 10:38
SME Form Q

What You Need to Know about Form Q and SME

On the 20th of April, 2017, the Central Bank of Nigeria introduced Form Q for Small and Medium Scale Enterprises (SMEs)to increase Foreign Exchange liquidity and improve access to foreign Exchange.

The form has been designed to reduce excessive documentation requirements by this sector. One can obtain the form at the Fund Transfer Unit or Foreign Operation Unit of any bank.

However, the Form Q to be obtained from the Authorised Dealers (the banks) should be;completed by all SME applicants subject to the following conditions:

  1. Applicants must be account holders with the processing Authorised Dealers and must have operated an account for not less than six (6) months.
  2. Applicants must submit a written application letter
  3. Provision of Proforma Invoice (PFI) from the supplier
  4. Provision of suppliers'/beneficiary's bank account details.

Unlike FORM M, this will lessen the challenges encountered by the SMEs and improve retail business access to the foreign exchange market.

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