The Central Bank of Nigeria (CBN) has made it clear that the policy on some import items ineligible for forex has not been reversed and will not be compromised in future.
The apex bank said insisted that the media reports that it had made moves to reverse the policy were not true, adding: “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.”
A statement from the CBN said that this provision does oot refer to the 41 items that remain ineligible for forex sale in the Nigerian Forex market.
The statement asked the media and the general public to take note of the facts. [myad]
