Sunday, 7 May 2017

CENTRAL BANK OF NIGERIA DENIES FOREX BAN ON 41 IMPORTED ITEMS

The Central Bank of Nigeria has denied media reports that it has scrapped its foreign exchange ban on some 41 imported items tagged as “ineligible for forex,” according to a statement released some days ago.


Several local and foreign media organizations reported that the apex bank had lifted its forex ban on the imported items via a recent circular. The reports said the CBN’s action came after the Vice President Yemi Osinbajo said that he was nudging the regulator to allow a more market-determined exchange rate.

“The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex,” the apex bank said. “We wish to state that these reports and their interpretations are wrong. The CBN has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market.”

The CBN said the reports were a misinterpretation of its circular dated May 3rd, 2017, and titled: "Revised Documentation Requirements for Allocation of Foreign Exchange for Small-Scale Importation."

The circular informed banks that importers of items classified as “ineligible for forex” with transactions value of $20,000 and below per quarter will now qualify for allocation of foreign exchange subject to the completion of form Q. 

“This provision does not refer to the 41 items that remain ineligible for forex sale in the Nigerian forex market. We therefore urge the media and the general public to take note,” the apex bank said. (Financial Nigeria)