18 May 2017

Nigeria: CBN Releases List of 36 Items Valid for Access to Forex

The Central Bank of Nigeria yesterday released list of 36 items valid for access to foreign exchange in the foreign exchange market. In a circular to all banks and the general public yesterday the CBN said that the list of the 36 items valid was released to clarify misconceptions about details of the 41 items banned from accessing dollars in the foreign exchange market.

Titled: "Clarification on items valid for foreign exchange in the Nigerian Foreign Exchange market", and signed by the Director, Trade and Exchange Department, CBN, Mr. W.D Gotring, the circular stated: "Following misconceptions and enquiries across the market, the is to clarify to the authorised dealers, Nigerian Customs Service and the general public that the following items with their HS codes remain 'Valid for foreign exchange'."

Meanwhile the naira remained stable at N385 per dollar in the parallel market due to lull in demand and increased supply via CBN dollar sales to bureaux de change (BDCs).

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