CBN issues fresh directive to Nigerian banks on NAFDAC licenses for import

The Central Bank of Nigeria (CBN) has issued a fresh directive instructing Nigerian banks to temporarily continue accepting National Agency for Food and Drug Administration and Control (NAFDAC) licences that expired on December 31, 2025, for the processing of Forms M and access to foreign exchange for imports.

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The directive was contained in a circular signed by the Director of the Trade and Exchange Department, Aliyu Ashiru.

According to the apex bank, the two-month grace period, which runs until February 28, 2026, is intended to prevent disruptions to trade activities while NAFDAC completes its transition from the legacy NICIS II platform to the new B’Odogwu system.

The CBN consequently directed banks and other authorised dealers to continue accepting the expired licences strictly for Form M processing and to ensure full compliance with the conditions guiding the temporary dispensation.

“The Central Bank of Nigeria wishes to notify all Authorised Dealers Banks (ADBs) and the general public of a temporary dispensation offered by the National Agency for Food and Drug Administration and Control (NAFDAC) permitting the continued use of NAFDAC licenses that expired on 31st December, 2025, for the processing of Forms M for a two-month temporary dispensation ending February 28, 2026,” the circular stated.