₦airaland Forum

firstly the below are what we need to know about CBN Form Q

1) The Central Bank introduced a Form Q which will be used by SME’s to access this special fX window.
2) Form Q is for Small and Medium Enterprises and Retail Businesses.
3) The Form Q can be obtained from authorized dealers such as commercial banks and any other financial institution approved to sell FX.
4) SME’s looking to access FX from this window must have an account in the bank which must have been in operation for at least 6 months.
5) Applicant SME’s will also need to write a letter to the bank officially requesting for FX
6) They will also need to provide the Proforma Invoice and include the bank details of the suppliers.
7) The cash will not be paid to the SME’s but will be transferred directly to their suppliers abroad.
Applicants will also need to include their BVN, email addresses, annual turnover, what they are importing etc.

Many of the SME closed people that I know have always said it is a good window to get FX to their suppliers due to the rate but the frustrating thing is that the banks always delay in completing the process.
A friend told me that through GTB it took him 9 weeks before they paid his supplier, while another friend who submitted recently said the relationship manager in GTB said he should put his mind in 12-16 weeks.
I would want to find out if this is the same with other banks or just GTB, as this time difference affects a lot in business.
I called CBN customer care and I was informed that it depends on individual bank and their liquidity, I was made to know that you will need to let them know that your purchase is important so they can process it on time.
I would appreciate if other entrepreneurs that have process this Form Q can share their experience so that we can learn.

puskin, naijacutee, FOD, dominique help to push to front page for us to know people experiences about getting forex for SME

Oga Seun
Do you have idea about what the duration it should take to get Forex through Form Q

I went to the bank to process form Q and I was to bring a product certificate among other documents. Please can any one illuminate me on how to process the product certificate? I intend to bring in hand bracelet from Alibaba

hibrahim:
I went to the bank to process form Q and I was to bring a product certificate among other documents. Please can any one illuminate me on how to process the product certificate? I intend to bring in hand bracelet from Alibaba

I wasn't asked when I applied but believe you can get it from your supplier on Alibaba. Chat them or email the company that you need the product certificate as it's one of the requirements to make payment from your country.
They will actually give you a copy if it's available, most of them are actually supportive and they also want to sell their products. You can ask from more than one supplier.