Forex restriction on 41 items yet to be lifted – CBN

The Central Bank of Nigeria said it had yet to lift the foreign exchange restriction placed on the importation of the 41 items earlier banned from accessing forex in the interbank market.

There had been media reports which had suggested that the apex bank had lifted the restriction through a circular.

But the CBN in a statement issued by its Acting Director, Corporate Communications Department, Isaac Okorafor, said the report was untrue as no such decision had been taken.

The statement reads in part,  “The attention of the Central Bank of Nigeria has been drawn to a report by a news agency to the effect that the CBN has reversed part of its policy on the non-eligibility of some import items for forex sale on the interbank forex market.

“We wish to state that the report and its interpretations are wrong.

“The CBN has not reversed it policy on the ineligibility of the 41 items for forex sale through the interbank forex market.”

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The statement said the media report is a misinterpretation of its revised circular on documentation requirements for allocation of foreign exchange for small-scale importation  dated May 4,2017.

The circular had stated 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.”

The CBN said this provision does not refer to the 41 items that remain ineligible for forex sale in the internal market.