The Central Bank of Nigeria Issues New Global Depository Receipts' Guidelines

The Central Bank of Nigeria (CBN) has issued new guidelines to regulate the issuance of Global Depository Receipts (GDRs) by banks selling their shares to international investors.

The new regulatory framework mandates banks selling GDRs to furnish the apex bank with the details of the beneficial investors on a copy of the Certificate of Capital Importation issued in favour of such banks. This is contained in a December 3, 2007 CBN circular sent to banks entitled: "Global Depository Receipts (GDRs) and Certificate of Capital Importation (CCI) Issuance", signed by the Director of Trade and Exchange, Mrs Omolara Akanji.