The central bank of Nigeria, CBN, has responded to media reports that it has conditionally lifted the ban it placed on 41 items listed as not legible for forex allocation.
In a statement on Thursday, signed by its Acting Director of Corporate Communication, Isaac Okoroafor, the Apex bank said the ban on the 41 items remains in place.
According to the statement, ”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.”