CBN begins implementation of electronic certificate of capital importation today

The apex bank on Friday issued a circular notifying dealers of its decision to begin the deployment of an electronic Certificate of Capital Importation (eCCI) platform beginning today, 11^th of September 2017. The eCCI will replace hard copyCertificate of Capital Importation(CCI) normally issued in respect of all capital flows either in cash form or machinery/equipment.

The processing of CCI in Nigeria will now only be done electronically on the eCCI platform.The move, according to the CBN, was due to the need to enhance transparency and efficient processing of foreign investment flows in the country.

Certificate of Capital Importation is a document required by investors who wish to bring foreign exchange into the country.Prior to this policy, foreign investors had complained of difficulty in getting the document. CCI is mandatory for foreign investors who have intentions of investing in the country, either for direct investment or capital investment.

Here is a copy of the circular.

The Central Bank of Nigeria (CBN) sold $250 million at the foreign exchange auction last week, a $327 million drop compared to the $527 million sold in the preceding week. $100 million was sold through the secondary market window, $70 million was sold to retail users and $80 million was sold through the window for Small and Medium Scale Enterprises.

Foreign Reserve movement

Foreign exchnange reserves remained unchanged at $31.8 billion as the CBN, is yet to update its figures for the week ended 8th September 2017.