CBN Extends Deadline for Electronic Form ‘M’ Compliance

As part of efforts to ensure smooth implementation of the electronic form-M document earlier
introduced, the Central Bank of Nigeria (CBN) yesterday disclosed that the deadline for compliance with policy has been extended to July 1.

The form ‘M’ document is required by any person intending to import physical goods into the country. The policy, which was piloted by six banks in the last quarter of 2012 and initially expected to take-off by January 1, 2013, was extended to allow banks and dealers integrate their systems.

The banking sector watchdog had last year commenced a pilot scheme of the automation of the single window for trade with Diamond Bank Plc, Zenith Bank Plc, Unity Bank Plc, Wema Bank Plc, Guaranty Trust Bank Plc, Standard Chartered Bank Limited and First Bank of Nigeria.
Director of Trade and Exchange, CBN, Mr. Batari Musa, made this known in Lagos yesterday during a customer forum organised by Access Bank Plc. The event was organised to further intimate customers of the bank involved in international trade.

“The initiative has so far shown remarkable results with the pilot scheme, as its use of tax identification number makes the process fool-proof. Form M is the most significant document in foreign exchange transactions for importers. Before now, it is done manually, with attendant time wastages, while some had to duplicate the form or travel to Abuja to obtain it," Musa explained.

The CBN official further explained that the e-form ‘M’ includes the automation of international trade transactions and reduction of turnaround time from importation to the clearing stage of all international trade transactions.

Earlier the Executive Director of Access Bank, Mr. Ebenezer Anifowose, said the bank had put up platform for its customers to enable them have a hitch-free process.

He said that the bank had already taken a strategic position on the new policy, with a platform in place, which at present might not be in any other bank.