Exchange Rates: BUY/SELL 1 USD=365/369 NGN, 1 GBP=474/480 NGN, 1 EURO=432/438 NGN

CBN Reverses FOREX Ban on 41 Items for Small Imports

The Central Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as ineligible for foreign exchange.

CBN, in 2015, shortly after President Muhammadu Buhari assumed office, placed a restriction on 41 items for which importers could no longer get dollars, including rice, toothpicks, cement, private jets, steel products, plastics and rubber, soap, cosmetics, furniture, Indian incense and foreign bonds.

“Importers of items classified as not valid for forex with transaction value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange,” Reuters quotes CBN as saying.

However, the restriction still exists for businesses with transaction value above $20,000.

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