The Central Bank of Nigeria (CBN), yesterday clarified that every divestment or repatriation of foreign investment, be it a pre-liquidation or matured investment, should present documented evidence.
These evidence of electronic Certificate of Capital Importation (CCI) as well as evidence of redemption of investment in local currency assets (money market instrument, debt securities, equities among others).
The apex bank provided the clarification in a correspondence titled, “Circular on Memorandum 20-22 of the Foreign Exchange Manual”, dated August 8, 2024, and signed by CBN acting Director, Trade and Exchange Department, Dr. W.J. Him, which was addressed to all Authorised Dealer Banks (ADBs) and the public.
Essentially, the circular explained that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all CCI related transactions. The section spells out the procedure for portfolio investment.