(NAR) VOL. 10 NO. 3 / JULY - SEPTEMBER 1999
“Authorized agent banks may be allowed to revalidate expired letters of credit (L/C) up to a cumulative period of 360 days from the date of the original L/C opening, provided that no shipment has been effected and that such extension is made within thirty (30) days from the last expiry date, and further, that extension of L/Cs made beyond thirty days from the expiry date shall require prior Central Bank approval”This Circular shall take effect immediately.