Access up to $20k for SME Imports in Nigeria using Form Q – Financengr. In line with its’ commitment to enhance access to foreign exchange for importation of goods and services in Nigeria, the Central Bank of Nigeria has approved access to upward of $20k (Twenty Thousand Dollars) for Small and Medium Enterprise businesses.
This according to CBN directives will only be accessed using “Form Q”, this however implies that individuals who run SME Imports in Nigeria will no longer require Letter of Credit (LC) and Bills for Collection (BC) for the importation of goods.
You can apply to access the foreign exchange using Form Q.
What is Form Q: This is a foreign exchange window introduced by CBN for SME business owners to access foreign exchange in Nigeria.
Items of CBN Form Q: Name of applicant, applicant’s BVN, address of the applicant, telephone number, email address, annual turnover, number of employees, applicants bank name, applicants bank account number, Item of import /service, Beneficiary instruction: Name of beneficiary, account details of beneficiary offshore, beneficiary bank name, beneficiary bank address, IBAN, Swift Code, amount in words and figures, purpose of remittance/transfer. All these are contained in the Form Q.
To access Form Q for SMEs, you will need the following:
- Proforma Invoice-, not older than 90 days. Proforma Invoice is a detailed paper containing quantity of goods, unit price, sellers/shippers address, also confirming details agreed between the shipper and the buyer.
- Application letter/Debit advice- The buyer will need to write an application letter to his bank, stating his intentions to access the SME funds. The application letter will as well contain relevant bank details of the supplier.
NB: Items of import must not be prohibited or any of the 41 items declared not fit to access official funds.
You can access this fund by visiting any Skye Bank branch nationwide today.
Conclusion: This is a seamless service that is aimed at removing barrier to foreign exchange in Nigeria especially amongst SME business owners, take advantage of this opportunity.
Raphael is a seasoned and dynamic writer, with interest in Banking, personal finance, entrepreneurship development. A councillor and motivational speaker.