Central Bank of Nigeria (CBN) has explained that the ban it placed on 41 items that are not eligible for foreign exchange is still in place as the policy has not been reversed.
A statement issued on Thursday in Abuja by CBN Ag. Director, Corporate Communications, Isaac Okorafor said that media reports indicating otherwise are false.
“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.”
DAILY POST reports that the banned items are:
Rice
Cement
Margarine
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Wire mesh
Steel nails
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and Glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Textiles
Woven fabrics
Clothes
Plastic and rubber products, polypropylene granules, cellophane wrappers
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases
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