FOREX: Do You Import Fertiliser? CBN Just Put 'Sand' In Your 'Gari'
Two weeks ago, the Central Bank of Nigeria's governor, Godwin Emefiele said while speaking at the annual bankers’ dinner in Lagos, that the bank is considering adding to the list of items banned from accessing foreign exchange for importation.
It has made good on that promise by adding one more item to the 41 items not eligible for foreign exchange (forex).
On Monday, the apex bank added fertiliser to the list.
In a statement signed by Ahmed Umar, director, trade and exchange department of the CBN, the bank said the list of the 42 items became effective from December 7, 2018.
The bank, however, assured all authorised dealers and the general public that all outstanding form M requests made for fertiliser before December 7 will be honoured by the bank.
Emefiele had, while speaking at the dinner said the bank had recommendations to add more to the list of 41 items drafted in 2016.
He said the bank, based on internal research, has received a recommendation to do so, following a drop of the country’s monthly import bill from $665.4 million in January 2015, to $160.4 million as at October 2018.
“Based on our internal research conducted at the Central Bank of Nigeria, there is strong support that the recovery of our economy from the recession may have been much weaker or even negative, without the implementation of the restriction on 41 items,” Emefiele had said.
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