RESPONSIBILITIES OF AUTHORIZED DEALER BANKS
- Upon receipt of the documents listed on page “RESPONSIBILITIES OF THE SUPPLIER” the Authorized Dealer Banks shall endorse and upload them to Pre-Arrival Assessment Report (PAAR) system for issuance of PAAR.
- For remittance in respect of imports, only the amount on the CCVO/ Commercial Invoice/ Final Invoice shall be remitted.
- Carry out proper Know-Your-Customer (K-Y-C) and be satisfied that all the relevant documents forwarded are genuine.
- Authorized Dealer Banks are to ensure that shipping documents are received within 21 days after shipment and should retain evidence for the purpose of monitoring by CBN.
- However, Authorized Dealer Banks are to refer any policy issue of which they are in doubt to the Director, Trade and Exchange Department for clarification in accordance with the provisions of Memorandum 27 (x) of the Foreign Exchange Manual.