CBN Stops Issuance of Physical Certificate of Capital Importation In Nigeria

Information reaching us has it that as from Monday, September 11, 2017, “the processing of Certificate of Capital Importation (CCI) in Nigeria shall only be done electronically on the eCCI platform,” the Central Bank of Nigeria (CBN) has directed.

In a statement signed by the apex bank’s Director of Trade & Exchange Department, Mr Gotring Wuritka Dauda, the CBN said from next Monday, it would no longer hard copy of the CCI in the country.

As a result, authorised dealers and the public have been notified of the deployment of Electronic Certificate of Capital Importation (eCCI) platform.

Explaining the rationale behind this, Mr Gotring said it was part of efforts to “enhance transparency and efficient processing of foreign investment flows to the country.”

“The Central Bank of Nigeria hereby informs the authorised dealers and the public of the deployment of Electronic Certificate of Capital Importation (eCCI) platform.“Accordingly, the eCCI shall replace the hard copy CCI normally issued in respect of all capital inflows either in form of cash or machinery/equipment.

“Consequently, effective from Monday, September 11, 2017, the processing of Certificate of Capital Importation in Nigeria shall only be done electronically on the eCCI platform,” the statement said.

Last year, the CBN communicated to banks of its intention to phase out physical certificates of capital importation and migrate to electronic certificates (e-CCI) for improved efficiency.

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