CBN bars 80 firms from FEM

The Central Bank has barred 80 companies from further access to official foreign exchange.
The order came as a result of the refusal of the companies to submit their shipping documents for scrutiny.
Republic investigation revealed that it has become a practice among Nigerian companies to purchase foreign exchange and divert the money for purpose other than the one in which they were intended on purchase.
CBN sources disclosd that such companies now refuse to submit their shipping documents for inspection.
The shipping document include the bill, of lading (clean or dirty) which authorities importers to take official delivery of its goods. The bill also gives a detailed description of the type of goods, the state and stage of the goods during shipment.
One such other document is the insurance coverage for the goods thus imported.
According to Republic investigation the affected companies will be officially denied access to foreign exchange until they are able to clear themselves.
Authorised dealers have already been directed not to process any document related to the affected companies.
The Central Bank went further to cancel all approvals recently granted in favour of the 80 companies which still remain unutilised either wholly or partially.
The Central Bank also appealed to authorised dealers to ensure strict compliance with the relevant provisions of commercial exports from Nigeria.