The following guidelines apply to Foreign Currency Cash Deposits:

1. In addition, cash can only be deposited by the account holder in his/her name or by a signatory to a corporate account. Kindly note that the maximum amount that can be transferred per month based on cash funding is $10k subject to availability of funds to the bank.
2. Cash funding can be used to make payment for eligible offshore transaction (s) as defined in 1 and 2 above subject to the following:
   • Transfer limit of US$10,000 per month
   • Provision of duly signed instruction with purpose of transfer clearly stated.
   • Payment for visible items require approved FCMB e-Form M, while items categorized as non-valid for foreign exchange (FX) will require CBN approval.
   • Payment for invisible items must be supported with Demand Note/Invoice from offshore beneficiary, Form “A”” and other required supporting documents as stipulated in the CBN FX Manual
3. Account to account transfer (i.e. transfer to a 3rd party) is not allowed

Kindly note that where purpose stated is not covered by the CBN FX Manual, CBN clarification/approval will be required.

For more information, kindly contact your Relationship Manager or send an email to customerservice@fcmb.com

The following guidelines apply to Foreign Currency Inflows:

1. Foreign currency inflows from offshore, other Nigerian Deposit Money Banks (DMBs) or internal Account-to-Account within FCMB (sourced from offshore inflow) will only be credited to a customer’s account after appropriate screening to ensure the Bank has sufficient information about the transactions leading to the inflow.
2. Customers will have unrestricted access to use the funds for eligible transactions, as stipulated in the CBN Foreign Exchange Manual or any subsisting circulars. These include:
   • Payment for visible items (requires approved FCMB e-Form M).
   • Payment for invisible items (must be supported by a Demand Note/Invoice from offshore beneficiary, a Form A and other required documents).
   • Repayment of Foreign Currency term loans.
   • Sales to the Bank.
   • Cash withdrawal.
   • Transfer to same account name in other Deposit Money Banks (DMBs), subject to the maximum amount of the inflow received and a signed instruction by the customer clearly stating purpose
   • Transfer to related party (ies), subject to the maximum value of inflow and a signed instruction by the account holder clearly stating the purpose of transfer, as well as provision of documents to back the transfer and show relationship with the beneficiary.
   • Payment to ministries, parastatal and companies in specific sectors (Mining, Oil and Gas, Maritime and Aviation) for their services, in line with CBN dollarization policy
3. The following transactions are not allowed:
   • Payment for good and services to other Nigerian Banks, except for organizations (Maritime, Oil and Gas, Aviation, Government Parastatals/Agencies and Export Processing Zones) exempted by the CBN dollarization policy.
   • Transfer to 3rd party(ies).

Kindly note that where purpose stated is not covered by the CBN FX Manual, CBN clarification/approval will be required.

For more information, kindly contact your Relationship Manager or send an email to customerservice@fcmb.com

The following guidelines apply to Non-Oil Export Proceeds:

1. Proceeds from non-oil export will be credited to the beneficiary’s account after provision of NXP number, in line with the details of the inflow.
2. Such proceeds can be utilized in any of the ways below:
   • Financing of eligible transactions supported by appropriate documentation as stipulated by the CBN FX manual.
   • Sale to Banks.
   • Repayment of dollar term loans supported by relevant documents.
3. Cash withdrawal is not allowed.

Kindly note that utilization of these proceeds will require provision of supporting documentation (such as Form “M” or Form “A” if for payment of goods or services respectively) and invoices relating to the payment.

For more information, kindly contact your Relationship Manager or send an email to customerservice@fcmb.com

The following guidelines apply to Oil Export Proceeds:

1. Inflow for oil exports is remittable to the CBN (NNPC) in line with the existing policies.
2. The Customer net revenue can be utilized in any of the ways below:
   • Payment of taxes, royalty, cash call, freight charges, dividend, loan principal and interest.
   • Payment of contractor invoices with face value not exceeding 10% of forex receipt (excluding financial services contracted to financial institutions offshore). Invoices with value exceeding 10% of forex receipt require CBN approval.
   • Sales to the CBN/Bank.
   • Account utilization for trade transactions (LC, Bills and Invisible/Form A).
   • Foreign currency loan repayment.
3. Cash withdrawal is not allowed

Kindly note that utilization of these proceeds will require provision of supporting documentations as specified in the CBN Foreign Exchange Manual or subsisting circulars.

For more information, kindly contact your Relationship Manager or send an email to customerservice@fcmb.com