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CBN Reverses FOREX Ban on 41 Items for Small Imports

BellaNaija.com

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Governor of CBN – Godwin Emefiele

The Central Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as ineligible for foreign exchange.

CBN, in 2015, shortly after President Muhammadu Buhari assumed office, placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture, Indian incense and foreign bonds.

“Importers of items classified as not valid for forex with transaction value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange,” Reuters quotes CBN as saying.

However, the restriction still exists for businesses with transaction value above $20,000.

Details later….

2 Comments

  1. Andrew

    May 4, 2017 at 5:54 pm

    Useless government…This was what caused the depreciation of the naira, you want people to produce locally but you have no infrastructures in place..Hopefully the naira will appreciate further

  2. A

    May 4, 2017 at 10:07 pm

    Confused lot!!!

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