The Central Bank of Nigeria on Monday announced that it would start issuing electronic certificates for capital imported into the country, in a bid to improve its currency transfer process. According to a circular issued by the CBN, the new certificate will replace a hard copy now issued when capital is imported. The regulator said the move would enhance transparency and efficient processing of foreign investment.

The circular, dated September 7, and signed by the Director, Trade and Exchange, CBN, W.D Gotring, read in part, “In a bid to enhance transparency and efficient processing of foreign investment flows into the country, the CBN hereby informs authorised dealers and the public of the deployment of Electronic Certificate of Capital Importation platform.” Accordingly, the eCCI shall replace the hard copy CCI normally issued in respect of any capital inflow either in form of cash or machinery/equipment. Consequently, effective from Monday September 11, the processing of CCI in Nigeria shall only be done electronically on the eCCI platform.”