The Central Bank of Nigeria (CBN) has issued a new directive requiring foreign investors to provide concrete evidence of their investment transactions before they can repatriate funds or divest their holdings.
This move is aimed at ensuring transparency and accountability in the foreign investment landscape.
In a circular signed by W. J. Kanya, acting director, trade and exchange department, on Thursday, the CBN said its directives in the foreign exchange manual, memorandum 20 section 2 (vi), apply to both divestments and repatriation of all certificates of capital importation (CCI) related transactions.
