The Central Bank of Nigeria has provided clarification regarding investment and repatriation of government stock in Memorandum 21 of the Foreign Exchange Manual.
The following clarification regarding the sale of government securities and repatriation of proceeds has been outlined:
Foreign investors can sell off their investment in government securities to another foreign investor within one year of acquiring the investment and repatriate the proceeds off the sale within the one year period.
Foreign investors can sell off their investment in government securities to a local investor within one year of acquiring the investment; however the proceeds of the sale must be retained and/or reinvested in Nigeria until the one year period from the original investment has expired.
“These terms/conditions shall apply to all existing investments made by foreign investors in government securities, however concessions will be considered on a case by case basis for investments acquired prior to November 2006,” says a CBN spokesman.