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BANKS TIGHTEN FOREX PROCESSES TO BLOCK RACKETEERING


Nduka Chiejina, Abuja
 * 
 * 
 * 

June 19, 2023
 * Three-year tax, name verification, clearing rate



Banks have started implementing enhanced foreign exchange (forex) rules to
forestall sharp practices in forex application, allocation and use, in line with
the ongoing forex reforms by President Bola Tinubu’s administration.



Circulars by banks at the weekend showed several updates in the forex
application processes as part of enhanced measures to reinforced documentation
requirements.



The new measures were with immediate effect and applied to pending and new forex
applications, according to the banks.

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All forex applicants for invisible items such as school fees, business travel
allowance (BTA), personal travel allowance (PTA) and medicals; all small and
medium enterprises (SMEs) and other corporates are expected to, henceforth, 
submit tax clearance certificate (TCC) evidencing tax payment and compliance for
three years preceding the current year of assessment. Alternatively, the
applicants must provide tax exemption certificate for the same period.      



According to the new forex processing regime, in addition to documents required
to be uploaded on Central Bank of Nigeria (CBN)’s platform, forex applicants
must provide TCC that covers a three-year period preceding the year of the forex
application with the tax identification number (TIN) visible and legible.

Also, the name on the TCC must match the applicant’s name on the CBN portal
while TCC would be verified by the bank through the relevant local tax
authority.



The new requirements apply to all applicants including for the purchase of forex
for Form A-invisible, Form Q-SMEs, Form M-Letters of Credit and Bills for
Collection.

The enhanced processing regime brought to bear provisions of Section 85(2), (4)
and (5) of the Personal Income Tax Act 2011, as amended.

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Besides, all forex applicants for BTA, PTA, medicals, SMEs and others
categorised under Form A and Form Q will now be provided forex on the basis of
prevailing rate at the Investors and Exporters Window (I &E W) as at the time of
processing by the bank.

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The CBN last Wednesday in a circular entitled: “Operational Changes to the
Foreign Exchange Market (OCFEM)”, outlined new guidelines in a major reform of
the forex market.



The highlights of the circular included the collapse of all forex windows into
the (I & E) window, re-introduction of the “willing buyer, willing seller” model
at the I & E window for all eligible transactions and pegging of all
government-related forex transactions to the weighted average rate of the
preceding day executed transactions at the I & E window.

Other highlights included proscription of trading limits on oversold forex
positions with permission to hedge short term positions in over-the-counter
(OTC) futures, re-introduction of order-based two-way quotes with a bid-ask
spread of N1.00, and the cessation of cash-tied rebate schemes of the CBN with
effect from June 30.



At the official I & E Window, the naira depreciated from the previous close of
N471.67 per dollar to N664.04 per dollar after the CBN allowed commercial banks
and dealers to sell forex at market-determined rates.



Finance and economic experts described the adoption of a floating forex system
by the CBN as a positive development for the Nigerian economy.



Experts across the various sectors of the economy said the market-driven rates
would unlock significant opportunities for the economy, curtail corruption and
create enabling environment for the national growth and development.

Fiscal Policy Partner and Africa Tax Leader, PwC, Taiwo Oyedele, said the
decision was a positive move that should bring more benefits than pains to the
economy.

He outlined that with the market-driven rate, the aggregate demand for forex
across markets should reduce as round-tripping incentive is removed, noting that
avenues for corruption such as people who fake foreign travels just to get forex
at discounted rates would be.

“Also, Nigeria’s sovereign credit rating should improve if this is complemented
with the right fiscal and monetary policies thereby attracting more forex
inflows and lowering the cost of borrowing,” Oyedele said.

In a 10-point impact analysis, Oyedele explained that while the decision
expectedly would have some negative implications, the overall impact would be
positive for the economy, government revenue and the capital market.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe said
the market-driven rate was another painful reform that needed to be done, noting
that the multiple exchange rate regime was not doing the economy any good.

“Not only did the former multiple exchange rate system discourage inflow of
much-needed foreign investments, it also encouraged massive corruption.
Harmonising the rates should lead to better price discovery and hopefully lead
to more transparent commerce. That is why the markets responded to it
positively,” Amolegbe, a former president of Chartered Institute of Stockbrokers
(CIS) said.

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