BNW

B N W: Biafra Nigeria World News

Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Friday, July 30 2004   news   editorial/opinion   politics & people   focus/record   business   sports   metro   capital market   weekend   golf weekly   Guardian Chat Click to join the chatroom CBN warns banks on faulty invoicing By Bukky Olajide THE Central Bank of Nigeria (CBN) has frowned on the use of funds from the Foreign Exchange Market for the importation of petroleum products with proforma invoice reflecting "offshore Lagos." This was disclosed in a statement by the apex bank's Director of Trade and Exchange Department, Mrs. O.A. Demuren. The statement read: "It has come to the notice of the CBN that some Authorised Dealer banks have been utilising funds from the Foreign Exchange Market for the importation of petroleum products with proforma invoice that reflects 'offshore Lagos' as the country of supply." To the apex bank, this practice is contrary to the provisions of the 1999 import guidelines, which provide among others, that proforma invoice for the importation of any product must state clearly the country of supply of the product. The statement added: "Accordingly, the use of funds from the Foreign Exchange Market for the importation of petroleum products with proforma invoice reflecting 'Offshore Lagos' as the country of supply is a breach of subsisting regulations. "Consequently, authorised dealers are hereby reminded to ensure compliance with the provision of the 1999 guidelines (that is, proforma invoice for importation of any product must state clearly the country of supply of the product)." The CBN stressed: "Henceforth any breach shall attract appropriate sanctions, including the refund of the foreign exchange utilised for the transaction and the suspension of the foreign exchange dealership licence of the bank involved. "For the avoidance of doubt, the importation of petroleum products and any product with proforma invoice that states 'offshore Lagos' as country of supply shall not qualify for remittance with funds from the Foreign Exchange Market," the apex bank added. � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb