The Central Bank of Nigeria, CBN, has explained that the ban it placed on 41 items that are not eligible for foreign exchange is still in place as the policy has not been reversed.
A statement issued on Thursday, May 4, 2017 in Abuja by Central Bank’s spokesperson, Isaac Okorafor indicated that media reports indicating otherwise are false.
“The CBN has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market,” Dr. Okorafor said.
“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.”
The CBN further emphasised that “this provision does not refer to the 41 items that remain ineligible for forex sale in the Nigerian forex market”.
