Forex Ban On 41 Items Stays, Says CBN

The Central Bank of Nigeria (CBN) yesterday refuted claim that it has reversed part of its policy on the none-ligibility of some import items for forex sale on the interbank forex market. The apex bank said it has not reversed its policy on the ineligibility of the 41 items for forex sale through the interbank forex market.

It said the report followed wrong interpretations of its 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 “Not valid 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”.

“This provision does not refer to the 41 items that remain ineligible for forex sale in the interbank market,” it said in a statement.

lThe apex bank had in 2015, placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture, Indian incense and foreign bonds.

Aimed at conserving  foreign reserves, the move curbed access to dollars for importers of  a wide range of goods, helped fuel the currency black market and worsened investor perceptions about policy in the economy.

Last month the bank cut the amount of paperwork needed for small firms to buy dollars, to ease doing business and help narrow the gap between official and black market exchange rates. It said it will offer them up to $20,000 per quarter.

Source : http://thenationonlineng.net/ban-41-items-stays-says-cbn/

Ban on 41 items stays, says CBN
Forex: 41 items remain banned, says Emefiele
FG May Reverse Forex Restriction on 41 Items, Says Customs
Capital controls on forex should be lifted – Onwuka
Standard Chartered backs CBN forex rules
How FG’s Forex Policy is Boosting Reserves, Local Manufacturing
Nigeria: Autonomous Sources Control Prices of Dollars in Banks, BDCS - CBN
Nigeria: Rice Importers, Manufacturers Rue CBN's Forex Policy
Forex ban on 41 items stays, says CBN
Forex: 41 items remain banned, says Emefiele