41 Items Remains Barred From Nigeria’s FX Window – CBN

41 Items Remains Barred From Nigeria’s FX Window – CBN

The Central Bank of Nigeria (CBN), on Thursday said its ban on 41 items from accessin foreign exchange from any of its windows remains in force, warning against misconstrue its ongoing decision to provide FX to every segment of the market.

The ban on the 41 items, which has remained in force since 2014, with the apex bank staving off repeated attempts from official quarters to break its resolve.

The reports, the statement said, appear to be a misinterpretation of our circular titled: “Revised documentation requirements for allocation of foreign exchange for small-scale importation,” dated May 3, 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”.

“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,” he added.