THURSDAY 19TH NOVEMBER 2020

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CBN Lists Conditions to Relax Third Party Forex Purchase Policy Obinna Chima The Central Bank of Nigeria (CBN) has given conditions to allow the opening of Forms ‘M’ by companies whose forex payments are routed through a buying company, agent, or other third parties.

The CBN outlined the terms in a circular titled: “Re: Destination Payment for All Forms M, Letters Of Credit and Other Forms of Payment,” signed by its Director, Trade and Exchange Department, Dr. Ozoemena Nnaji, obtained by THISDAY yesterday.

According to the CBN, since the release of its August 24, 2020, circular on the subject, there have been different interpretations of the term ‘ultimate supplier of products,’ which it stated also required interpretation. The central bank, in the

earlier circular, had moved to arrest the age-long practice of over-invoicing and had directed banks and other authorised dealers to desist from opening Forms ‘M’ whose payment were being routed through a buying company, agent, or other

third parties. It had said the move was part of its continued efforts to ensure prudent use of scarce foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs

that are ultimately passed to the consumers. However, in the latest circular, it stated that “where it is unavoidable that an importer chooses to use a buying company (other than Continued on page 8

FG Approves Draft Finance Bill 2020, Rules out New Taxes... Page 5 Thursday 19 November, 2020 Vol 25. No 9355. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

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& RE A S O

ENUGU 25°C-28°C

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KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

Umahi, Wike Trade Tackles over Defection, 2023 Presidential Race Ebonyi gov: I refuse to take issue with Wike because he is my friend but Wike must know that he is a dictator Rivers helmsman: Your defection will not have any effect on us Eromosele Abiodun, Emma Okonji and Nosa Alekhuogie Governors Dave Umahi (Ebonyi State) and Nyesom Wike (Rivers State) yesterday came out smoking over the defection of the Ebonyi State helmsman from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).

While Umahi insisted that he deserted the PDP in the interest of the South-east, Wike contended that the action was in the selfish interest and ambition of the Ebonyi State governor to run for the presidency in 2023 on the platform of the APC. Both gladiators spoke on the Continued on page 8

...PDP Fights Back, Lists South-east's Rewards for Supporting Party Buhari hails defection Deji Elumoye, Chuks Okocha, Adedayo Akinwale in Abuja and Benjamin Nworie in Abakaliki The Peoples Democratic Party (PDP) yesterday launched a counter-attack to rebut an allegation made by Ebonyi State Governor, Mr. Dave

Umahi, that it has been unfair to the South-east, one of its strongholds. Umahi, who defected on Tuesday to the ruling All Progressives Congress (APC), had cited alleged injustice being meted out to the zone Continued on page 8

REPORTING PROGRESS... L-R: Chief Executive Officer, The Nigerian Stock Exchange (NSE), Mr. Oscar Onyema; President, Mr. Abimbola Ogunbanjo, and Council Secretary, Ms. Mojisola Adeola, during the 59th Annual General Meeting of NSE in Lagos…yesterday

Presidency Expresses Regrets over Botched Meeting with South-south Leaders... Page 6


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THURSDAY 19TH NOVEMBER 2020 by THISDAY Newspapers Ltd - Issuu