by Azeez Adeniyi

The Central Bank of Nigeria (CBN) has said 41 items still remain ineligible for forex, despite its new policy which lifted a ban on items not eligible for forex.

In a circular issued on Wednesday, the CBN said “importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange”.

“The CBN has not reversed it policy on the ineligibility of the 41 items for forex sale through the interbank forex market,” Isaac Okorafor, the bank’s spokesman said via a statement.

[Read Also:] CBN sanctions 12 banks for hoarding forex from SMEs

The bank stated that “importers of items classified as ‘Not valid 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 fore sale in the interbank market.”

Azeez