The Central bank of Nigeria (CBN) has clarified its new policy action, which lifted a ban on items not eligible for forex, stating that it 41 items ineligible for forex remain so.
In a circular issued on Wednesday, the CBN said “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”.
“The CBN has not reversed it policy on the ineligibility of the 41 items for forex sale through the interbank forex market,” Isaac Okorafor, the bank’s spokesman said via a statement.
The bank 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”.
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“This provision does not refer to the 41 items that remain ineligible for fore sale in the interbank market.”
Vice-President Yemi Osinbajo said the federal government was nudging the CBN to replace some of the 41 items not eligible for foreign exchange in a bid to stabilise the forex market.
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