CBN’s policy on 41 items remains in place

The Central Bank of Nigeria, CBN, has said that its policy making 41 items ineligible for foreign exchange (forex) through the Nigerian forex market is still in force.

A statement to this effect said that reports  that the apex bank’s policy as it affects some items has been reversed are wrong, stressing that the reports appear to be a misinterpretation of one of its circulars dated May 3, 2017.

Full text of the statement reads: 

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”.  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.