The Central Bank of Nigeria (CBN) on Monday started issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process, it said.
The new certificate will replace a hard copy now issued when capital is imported, according to a circular from the central bank. The bank said the move would enhance transparency and efficient processing of foreign investment.
Investors or companies are required by a 1995 law to get certificates within 24 hours declaring they have invested foreign currency in Nigeria. They must have the certificates to repatriate returns on those investments.
Under the old rule, investors struggled to meet the one-day deadline to get the certificates, bankers say.
Nigeria grew out of recession in the second quarter as oil revenues rose, but the pace of growth was slow, suggesting a fragile recovery.
Foreign investors fled the country when oil prices dropped three years ago. They have started to return, thanks to improved transparency on exchange rates, and the central bank is trying to attract more investment.
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