By Omodele Adigun and Juliana Taiwo-Obalonye, Abuja
The Central Bank of Nigeria (CBN) has refuted an online news report that it has reversed part of its policy on some import items earlier declared ineligible for foreign exchange (forex).
According to the apex bank’s acting Director of Corporate Communications, Mr Isaac Okorafor, the CBN has not reversed the policy.
He explained in a statement that the reports appear to be a misinterpretation of the bank’s circular titled: Revised Documentation Requirements for Allocation of Foreign Exchange for Small Scale importation dated May 3, 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 statement read in part:
“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 Requirement 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.
Meanwhile, President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele,held a close door meeting on Thursday.
President Muhammadu Buhari was briefed by the CBN boss on the stability in the Foreign Exchange market and other activities of the apex bank.
Speaking with State House correspondents at the end of the closed door meeting, Emefiele said: “Basically as it is expected what we normally do is from time to time to brief the President about activities of the Central Bank of Nigeria particularly at this time as it relates to the efforts the Central Bank is making to stabilise the forex market.
“We briefed him regarding the activities so far and he was very delighted to hear that the market is stabilising at the level that it is right now and I am saying the parallel market which currently stabilises at between N380 and N385,” he said.
In a circular quoted by foreign news outlet yesterday, the apex bank 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,” Consequently, the restriction still exists for businesses with transaction value above $20,000 per quarter.