The Central Bank of Nigeria (CBN) has added one more item – fertilizer – to the list of 41 items not valid for foreign exchange (Forex) from the official window. In a circular signed by Ahmed Umar, the Director, Trade and Exchange department of the CBN, the apex bank explained that the revised list of 42 items became effective from 7 December 2018.
In July 2015, the CBN had restricted 41 items from accessing Forex from the official window. In the latest circular, it was stated that:
“In the continued effort to sustain the achievement recorded from the classification of 41 import items as ‘Not Valid for FX’ in the Nigerian FX market, authorized dealers and the general public are hereby notified of the inclusion of “fertilizer” on the list effective from 7 December 2018.”
The CBN, has however assured all authorized dealers and the general public “that transactions (Form “M”) on fertilizer for which payments are outstanding will be settled at the appropriate settlement dates.”
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