WorldStage Newsonline– Zenith Bank Plc has informed its customers about the latest directive of the Central Bank of Nigeria (CBN) that banks should no longer open Forms M whose payment is routed through a buying company/agent or any other third parties.
In a letter to its customers dated August 25, 2020, the bank said the implication of the CBN directive in a circular referenced TED/FEM/FPC/GEN/01/005 https://www.zenithbank.com/images/destination-pyt.pdf dated 24th August 2020, was that banks shall only open Form M for Letters of Credits, Bills for Collection and other forms of payment in favour of the ultimate supplier of the product or service.
