In a circular, the Central Bank of Nigeria directed that
Form M for Letters of Credit, Bills for Collection and other forms of
payment should only be opened in favour of the ultimate supplier of the
product or service.
Reacting to this directive, the Lagos Chamber of
Commerce and Industry says while the policy attempts to curb abuses in
the foreign exchange market, it would create more problems than it would
solve. Muda Yusuf, Director-General of the LCCI joins CNBC Africa’s
Christy Cole for this conversation.
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