Thrilled by the inflow of over $7 billion into the economy in nearly five months via the Investors’ & Exporters’ Forex Window (I&E), the Central Bank of Nigeria (CBN) has instructed banks and other authorized dealers to implement electronic Certificate of Capital Importation (eCCI) for foreign investors.
The Certificate of Capital Importation is given to foreign investors to confirm the level of investment they have brought into the country. The certificate has always been on hard copy until this policy shift.
The eCCI implementation, which takes effect tomorrow, is expected to boost transparency and enhance confidence of foreign investors in the local market. The foreign investors constitute about 70 per cent of the total transaction turnover in the capital market.
The eCCI would enable foreign investors to easily find out the status of their investments in the country, increase transaction efficiency and ensure that investors get adequate returns on their investments.
In a circular to all authorised dealers, CBN Director, Trade and Exchange Department, W.D. Gotring, said: “In a bid to enhance transparency and efficient processing of foreign investment flows to the country, the CBN informed all authorized dealers and the public of the deployment of electronic Certificate of Capital Importation (eCCI) platform”.
Continuing, he said the eCCI shall replace the hard copy of CCI normally issued in respect of all capital inflows either in form of cash or machinery/ equipment.
“The policy, takes effect from tomorrow, meaning that from this date, processing of all Certificate of Capital Importation in Nigeria shall only be done electronically on the eCCI platform,” he added.