Amid the ongoing foreign exchange crisis in Nigeria, the Central Bank of Nigeria (CBN) has taken significant steps to facilitate the ease of doing business. One of the pivotal measures is the extension of the timeline for issuing letters of credit from 24 hours to five working days.
In a recent document on the Central Bank of Nigeria’s reviewed Service Charter, Governor Olayemi Cardoso announced this development. He emphasized that the new service charter aims to ensure full compliance with SERVICOM Nigeria’s directives on enhancing customer service delivery. Additionally, it includes a standardized Customer Complaints Form for reporting service failures and a mechanism for addressing such issues across the bank’s services.
Significantly, the approved 2020 service charter of the CBN had stipulated a 24-hour timeline for issuing and managing letters of credit. However, with the revised 2023 service charter, this timeline has been extended to five working days. Furthermore, the CBN has extended the timeline for Form M and NXP registration from 24 hours to two working days.
Expressing his commitment to providing more responsive and citizen-friendly governance, Governor Cardoso affirmed that the aim is to ensure quality service delivery that is efficient, accountable, and transparent.
In response to these changes, Dr. Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise and a newly appointed member of Nigeria Customs Service Board, lauded the revised service charter. He emphasized that this development would help manage cash flow and boost confidence in the banking transaction process.
Amid these reforms, the Naira witnessed a positive turn on Thursday, strengthening against the US Dollar. It exchanged at N843.07 per dollar, a significant improvement from N951.22 per dollar on the preceding day at the official forex market.
The CBN’s proactive measures amidst the forex crisis reflect its commitment to bolstering the business environment and ensuring confidence in financial transactions. These developments are poised to have a far-reaching impact, providing relief to businesses and fostering a more conducive economic landscape.
By extending the timeline for credit letter issuance and embracing customer-centric governance, the CBN is striving to navigate the challenges posed by the forex crisis while fortifying the foundations for a thriving business ecosystem.
