Home Business No More Physical Certificate Of Capital Importation from September 18, CBN Insists

No More Physical Certificate Of Capital Importation from September 18, CBN Insists

by Armada News
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It is authoritative. Effective Monday, September 11, “the processing of Certificate of Capital Importation (CCI) in Nigeria shall only be done electronically on the eCCI platform,” the Central Bank of Nigeria (CBN) has said.

A statement signed by the apex bank’s Director of Trade & Exchange Department, Gotring Wuritka Dauda, credited the CBN as saying that from next Monday, September 18 it would no longer accept hard copy of the CCI in the country.

Consequently, authorised dealers and the public have been notified of the deployment of Electronic Certificate of Capital Importation (eCCI) platform.

Explaining the rationale behind this, Gotring said it was part of efforts to “enhance transparency and efficient processing of foreign investment flows to the country.”

The statement said: “The Central Bank of Nigeria hereby informs the authorised dealers and the public of the deployment of Electronic Certificate of Capital Importation (eCCI) platform.

“Accordingly, the eCCI shall replace the hard copy CCI normally issued in respect of all capital inflows either in form of cash or machinery/equipment.

“Consequently, effective from Monday, September 11, 2017, the processing of Certificate of Capital Importation in Nigeria shall only be done electronically on the eCCI platform.”

Last year, the CBN communicated to banks of its intention to phase out physical certificates of capital importation and migrate to electronic certificates (e-CCI) for improved efficiency.

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