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)
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Sunday, 7 May 2017
CENTRAL BANK OF NIGERIA DENIES FOREX BAN ON 41 IMPORTED ITEMS

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