CBN gives details on divestment, repatriation of foreign investments

CBN gives details on divestment, repatriation of foreign investments

The Central Bank of Nigeria (CBN) has issued a clarification regarding the procedures for divestment and repatriation of foreign investments, emphasizing the need for specific documentation.

According to a circular released on Thursday and signed by the Acting Director of the Trade and Exchange Department, W. Kanya, the apex bank stated that all such transactions must provide evidence of an electronic Certificate of Capital Importation (CCI) and proof of redemption of investment in local currency assets.

This clarification aligns with the CBN’s Foreign Exchange Manual, particularly Memorandum 20, Section 2, which outlines the procedures for portfolio investment. The bank specified that both pre-liquidation and matured investment transactions require the presentation of the aforementioned documents.

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“For the avoidance of doubt, every divestment or repatriation of foreign investment, whether pre-liquidation or matured, should present the following documents: evidence of an electronic Certificate of Capital Importation and evidence of redemption of investment in local currency assets (including money market instruments, debt securities, equities, etc.),” the CBN stated.