Central Bank to refund importers’ lodgements

The Central Bank will soon refund to importers outstanding lodgements paid to the CBN under the Compulsory Advance Deposit (CAD) scheme.
This was contained in a recent circular to all authorise dealers in foreign exchange to the circular authorised dealers were being informed of the modification tot he documentation requirements for processing claims for refund in respect of deposit made under the CAD scheme.
Meanwhile, the Central Bank has directed all importers to have outstanding Compulsory Advance Deposit lodgement to apply for refund of such deposits through their bankers.
Each claim is expected to be supported by a letter of indemnity. The Central Bank, the circular said reserves the right to debit, without prior notice or further authority, a bank for any wrong claim paid to that bank on its request.
In another development, embargo on foreign exchange facilities including transfer of funds has been claimed on some companies by the Central Bank. These include Paktank Nigeria Limited and Fattai Products Mfg Nig Ltd.
All foreign exchange approval granted in their favour that still remain unutilised either wholly or partially were cancelled by this development.
Meanwhile, the embargo placed on foreign exchange facilities in respect of Henry Stephens Nig Ltd has been lifted by CBN.