I'm completely disgusted at the new apparent criteria passed by CBN. You cannot transfer money (your OWN MONEY!) out of the country without a FORM M or FORM A on anything "substantial" or "taxable" - of course in true Nigerian fashion there is grave ambiguity here. Here is the dumb part, to get a FORM M you require a company registration certificate, a proforma invoice, a marine certificate and a SONCAP.

The former three are not too far fetched, now the last is what really grates at me. A SONCAP certificate is basically a document saying the goods are of a working standard, now the majority of products already have international certification but of Nigeria have implement their own protocol, furthermore it used to be possible to get this tests done say at the warehouse of the supplier, now apparently this has to be done on ground in Lagos or Abuja. How in God's name are you to get the products at the port for test, without the funds to secure them in the first place. A vicious cycle one ends up. Why do we think out of our arses, without any simple common sense. So in the even I want to send money to a friend in say Paris, for no apparent reason - I can't! In the name of fighting corruption. Anyone here with some banking experience? Please shed some light on this. Running a retail outfit in Nigeria means I'm unable to get more goods in the country without funds (MY OWN FUNDS).

I hope this is not True !!!

Amen

depending on the amount u want to send outside the country. lets know the likely amount ur tryin to send.

Actually I've been in touch with other banks. I hear it is UBA only as they had an issue with EFCC and CBN. The amount is irrelevant, it applies to any monies being transfered out of the country so I've moved my funds to Oceanic and now use them. If UBA continue like this, they'll lose my business all together!