CBN’s Policy on 41 Items Remains in Place

The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex. 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. We therefore urge the media and the general public to take note. This statement was signed by Mr. Isaac Okorafor, the CBN Acting Director, Corporate Communications

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