NIGERIA: CBN Insists Ban on 41 Items Ineligible for Forex Still In Place

CBN

The Central Bank of Nigeria (CBN) has reacted to media reports that it has reversed the ban on 41 items ineligible for forex.


In a statement on release on Friday, CBN said the reports were wrong and misinterpreted.
Read statement below:
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.
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 reports appear to be a misinterpretation of our circular titled:
REVISED DOCUMENTATION REQUIREMENTS FOR ALLOCATION OF FOREIGN EXCHANGE FOR SMALL-SCALE IMPORTATION dated May 03, 2017, to the effect that importers of items classified as “ineligible for Forex” with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange subject to the completion of form Q”.

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