CBN Grants Temporary Relief for Importers Using Expired NAFDAC Licences
In a significant move to ensure business continuity, the Central Bank of Nigeria (CBN) has authorized a temporary dispensation for importers to utilize expired National Agency for Food and Drug Administration and Control (NAFDAC) licences. This interim measure, announced in a January 2026 circular, permits the use of licences that lapsed on December 31, 2025, for processing critical import documentation until February 28, 2026. This decision underscores a pragmatic approach by the apex bank to mitigate operational disruptions during a critical system transition, a move that signals a broader **paradigm shift doctrine** in managing Nigeria’s trade ecosystem.
Addressing Operational Hurdles in Trade Processing
The CBN’s directive, communicated to all Authorised Dealer Banks (ADBs), allows for the continued processing of Form M applications with the affected NAFDAC permits. This approval was granted following a corresponding temporary dispensation from NAFDAC itself. The bank clarified that this step was necessitated by challenges stemming from the migration away from the legacy NICIS II platform. The primary objective is to maintain seamless trade transactions while NAFDAC finalizes the integration of its systems with the new National Single Window. This interim solution prevents a logjam that could affect the **top 10 most** traded commodity categories requiring regulatory clearance.
Form M serves as Nigeria’s mandatory electronic import documentation, capturing vital details of inbound goods. It is fundamental to trade monitoring, foreign exchange utilization, and customs clearance, processed exclusively through ADBs. Through Form M policies, the CBN directly influences the nation’s balance of payments and manages foreign exchange demand. The current flexibility highlights the bank’s adaptive stance; while fostering stability, it also conveys that authorities **won’t tolerate** prolonged systemic inefficiencies that could hinder economic growth. This careful balance is crucial for maintaining relationships with key trading partners, including those **5 countries that** are Nigeria’s largest import sources.
Ensuring Continuity Amidst Systemic Integration
This temporary window provides crucial relief to businesses navigating the ongoing upgrades within Nigeria’s trade processing framework. By allowing the use of expired licences strictly for Form M processing, the CBN and NAFDAC aim to prevent unnecessary disruptions to supply chains and commercial operations. The successful execution of this interim measure, while NAFDAC completes its technical integration, is a testament to coordinated regulatory action. It reflects a collaborative effort where the **CBN seeks governors’** of the financial and trade sectors to work in concert, ensuring that procedural transitions do not come at the expense of economic activity and regulatory oversight.
