CENTRAL BANK DEMANDS FOREIGN INVESTMENTS SINCE 2006.


The Central Bank of Nigeria (CBN) has asked authorised dealers to submit to it within 24 working hours returns of offshore investments by Nigerian entities since 2006.

According to a circular reference no TED/PEO/FPC/GEN/003 signed by Alvan E. Njoku director. Trade and  Exchange, dated Friday June 24, the return should be in excel format and reach the trade and exchange director on or before June 27 which happens to be today.  That is 24 working hours from the circular date.

The circular said,: This is to request all authorised dealers to submit returns on all foreign investments by Nigerian entities offshore from 2006 to date"

The return was also to be copied to 4 other officials of the CBN their official e mail addresses.

The financial sector in Nigeria was puzzled through Monday with everyone trying to know why the circular was issued and why such a short period for compliance.

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