The Central Bank of Nigeria (CBN) has allowed banks to process imports using NAFDAC licences that expired on December 31, 2025, for a temporary period of two months. This decision aims to ease pressure on traders affected by recent system transitions and disruptions.
The waiver enables authorised dealer banks (ADBs) to continue accepting expired NAFDAC licences for processing Forms M, the mandatory document required to register goods for importation, until February 28, 2026. The directive was communicated in a circular issued on Monday and signed by Aliyu Ashiru, director of the CBN’s trade and exchange department.
According to the CBN, the temporary measure was necessary because of challenges arising from the transition from the NICIS II platform. Importers have faced difficulties validating or renewing their licences on the B’Odogwu system since December 2025. By allowing expired licences temporarily, the central bank aims to prevent interruptions in trade while NAFDAC completes the integration of its licensing processes with Nigeria’s new national single window platform.
Banks are instructed to ensure strict compliance with the terms of the waiver while processing Forms M. The dispensation is set to lapse at the end of February, after which importers will need to use valid, updated NAFDAC licences for all import registrations.
The move has been welcomed by importers and trade stakeholders who had faced delays and bottlenecks caused by the digital migration. The CBN’s proactive measure ensures that commercial activities continue smoothly while addressing regulatory compliance issues arising from technological upgrades.
CBN emphasised that the temporary waiver is strictly limited to licences that expired on December 31, 2025, and is not a general relaxation of import requirements. The central bank continues to encourage importers to complete licence validation and renewal as soon as the new system is fully operational to avoid future delays.
This decision highlights the CBN’s efforts to balance regulatory oversight with practical support for businesses during technological transitions. By allowing a temporary grace period, the bank is helping maintain the flow of imports and reduce disruption to Nigeria’s trade and supply chains.
Business
Moody’s Upgrades Kenya’s Credit Rating to B3 as Debt Risk Falls
Moody’s has upgraded Kenya’s sovereign credit rating to B3 from Caa1, a move that reflects a reduction in the country’s near‑term risk of defaulting on its debts but does not mean Kenya’s financial challenges are fully resolved.
Amazon to Close Fresh and Go Stores, Focus Shifts to Whole Foods
Amazon announced on Tuesday that it will close its Amazon Fresh grocery stores and cashierless Go convenience stores, marking a major shift away from its experiment in physical retail.