Central of Bank Nigeria, in a bid to ease access to foreign exchange for Small and Medium-scale Enterprises (SMEs) and retail businesses introduced FORM Q in 2017.
This is aimed at minimizing documentation challenges usually encountered by this category of businesses and access to official windows. An SME can access maximum of twenty thousand US dollars (US$20,000) per quarter subject to the provision of the following documentation.
• Duly completed Form Q
• Application letter from the customer
• Applicant must be an account holder with Wema Bank with at least six (6) months standing.
• Pro-forma Invoice from the offshore supplier / beneficiary
• BVN number of the applicant