" ITREALMS: 41 items policy remains in place - CBN

Saturday, May 06, 2017

41 items policy remains in place - CBN

The Central Bank of Nigeria (CBN) has denied any changes in its 41 items policy, declaring the guideline remain unchanged, reports ITRealms.

According to the acting director, Corporate Communications at CBN, Mr. Isaac Okorafor, in a press statement made available to ITRealms, said the attention of the Central Bank of Nigeria has been drawn to some media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for foreign exchange (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,” he said.

Okorafor said that the reports appeared to be a misinterpretation of CBN 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, Okorafor explained, 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,” he insisted.

Nonye Dom/GEE
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