Heritage Bank breaks down five easy steps to access FX market

Doing business in Nigeria isn’t always as easy as taking a walk in the park.

Whether dealing with suppliers, contractors or government agencies, there are hoops to jump through and reams of red tape to slash and burn.

As one of Nigeria’s foremost banks in support of business and getting the economy back on track, Heritage Bank has offered its customers step by step instructions to help business owners get access to foreign exchange for imports.

The Central Bank of Nigeria recently revised the documentation needed for Small and Medium Enterprises to access foreign exchange.

So, if you want to capitalise on the special window to access foreign exchange for imports or you’re doing it for the first time, here are the five things you need to make it happen.

FX steps

1. You need to fill out and complete a Form ‘Q’
2. You need an application letter from the customer
3. The Applicant must have used an account with Heritage bank for at least six months
4. You need to get a Proforma Invoice from the offshore supplier
5. You will also need Offshore Beneficiary Bank Account details.

It’s also important to note that people who import items that are classified as being not valid for foreign exchange with transaction value of US$20,000 or below per quarter won’t qualify for allocation of FX subject to the completion of a FormQ.

So, if you’re need of foreign exchange to get the advantage over competitors or if you’re looking to expand your business, these five easy steps will help you get to where you need to be.