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.”
The banned items are:
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Tinned fish in sauce (Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Metal boxes and containers
Wire rods (deformed and not deformed)
Iron rods and reinforcing bard
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Glass and Glassware
Tiles-vitrified and ceramic
Plastic and rubber products, polypropylene granules, cellophane wrappers
Soap and cosmetics
Eurobond/foreign currency bond/ share purchases