Electronic Certificate of Capital Importation (e-CCI) to commence on Monday says CBN
by Hope Moses-Ashike
September 11, 2017 | 4:02 am| | | Start Conversation
The Central Bank of Nigeria (CBN) has directed that the processing of Certificate of Capital Importation (CCI) in Nigeria shall only be done electronically on the electronic CCI platform as from today, Monday, September 11, 2017.
This is in a bid to enhance transparency and efficient processing of foreign investment flows to the country.
The CBN informed authorised dealers and the public, of the deployment of the eCCI platform on Friday.
In a circular signed by Gotring W.D, director, trade and exchange department, the CBN said the e-CCI shall replace the hard copy CCI normally issued in respect of all capital inflows, either in form of cash or machinery/equipment.
Certificates of Capital Importation are usually issued in respect of foreign exchange inflows for loans, investments and capital subject to existing CBN guidelines. They are usually issued within 24 to 48 hours of confirmation of capital inflows into the country. Until this new circular, CCIs have been issued as hard copy certificates.
The main reason for the CCI is to guarantee access to the official foreign exchange market for repatriations of capital and returns on investment – dividend, interest, and capital on divestments. The requesting company must present a copy of the CCI to the Nigerian bank to process a remittance.
But sometimes investors have either misplaced their CCIs at the point of repatriation of their funds, creating difficulties. Furthermore, even though CCIs were to issue within 24 to 48 hours of capital importation, there are many instances where that rule was not met, creating difficulties for investors seeking to remit their funds back home.
Electronic CCIs will make it easier for investors to process transactions, ease the process of tracking transactions and make it easier to amend the CCI where an investor transfers investment in Nigeria to another investor.
All banks are expected to migrate hard copies of the CCIs in their possession to the new e-CCI platform.
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