CBN’s Policy on 41 Items Remains in Place
Thu, May 4, 2017 | By publisher
Business Briefs
THE Central Bank of Nigeria has not reversed its policy on allocating forex for the importation of 41 items. A statement made available to Realnews today said that “The attention of the 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”, the CBN said.
— May 4, 2017 @ 20:25 GMT
Related Posts
CBN successfully clears valid FX transactions to eliminate legacy backlog
THE Central Bank of Nigeria (CBN) has announced that all valid foreign exchange backlogs have now been settled, fulfilling a...
Read MoreSenate commends NASENI on accelerated technology transfer
THE Senate Committee on National Agency for Science and Engineering Infrastructure (NASENI) has commended the Agency for championing...
Read MoreEcobank’s single market trade hub changes game for SMEs in Nigeria – Adeleke
ECOBANK has called on Small and medium Enterprises (SMEs) as well as large businesses in the country to onboard on...
Read MoreMost Read
Subscribe to Our Newsletter
Keep abreast of news and other developments from our website.