CBN Directs All Banks and Authorized Dealers to Continue Accepting All Expired NAFDAC Licences for Form M Processing
In a new development, the Central Bank of Nigeria (CBN) has issued a new financial directive to all commercial banks in Nigeria to temporarily continue the acceptance of National Agency for Food and Drug Administration and Control (NAFDAC) licenses that recently expired on December 31, 2025, for the processing of Forms M and access to foreign exchange for imports.
This directive was announced in a circular by the Director of the Trade and Exchange Department, Aliyu Ashiru.
According to the circular, the directive includes a two-month grace period, which runs until February 28, 2026. This won’t disrupt the trade activities while NAFDAC completes its transition from the legacy NICIS II platform to the new B’Odogwu system.
The circular states, “The Central Bank of Nigeria wishes to notify all Authorized Dealer 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 Apex Bank has directed all banks and authorized dealers to comply fully with this directive in temporarily accepting the expired licenses strictly for Form M processing and to ensure full compliance with the conditions guiding the temporary dispensation.
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