The Central Bank of Nigeria (CBN) has said the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCI) related transactions.

This was contained in a circular, addressed to all authorised dealers and the general public by the Acting Director, Trade and Exchange department of the CBN, Dr W. J. Kanya.

“This is to clarify that the Foreign Exchange Manual, Memorandum 20 section 2 (vi) applies to both divestments and repatriation of all Certificate of Capital Importation (CCI) related transactions,” The notification read in part.

“For the avoidance of doubt, every divestment or repatriation of foreign investment be it a pre-liquidation or matured investment, should present the following documents: (a) Evidence of electronic Certificate of Capital Importation. (b) Evidence of redemption of investment in local currency assets (money market instrument, debt securities, equities etc.”