The Central Bank of Nigeria ("CBN") on 17 May, 2017 issued a circular clarifying certain items that are eligible for foreign exchange ("FX") in the Nigerian official foreign exchange market ("FX market").
This follows the CBN Circular dated 3 May 2017 titled the "Revised Documentation Requirement for Allocation of Foreign Exchange for Small -Scale Importation" which appeared to have lifted the ban on the items classified as 'not valid for forex' in relation to small scale importation with a value of not more than USD20,000 per quarter. The CBN thereafter issued a press release to clarify that the May 3 circular did not apply to the 41 items that are currently classified as 'not valid for forex".
Details in our regulatory alert below:
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