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Nairametrics. In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. This seems to be a prelude to a full deregulation of the foreign exchange market. In 2015, 48 items were banned including toothpicks, private jets and palm oil. Here is what we know about the just issued circular:
- Importers of the items that were previously banned, will now be allocated $20,000 a quarter.
- The importers will be required to provide Form Q.
- Applicants for the foreign exchange would be required to have been account holders for at least six months.
- Foreign account bank transfer details will be provided along with an invoice.
Below is a copy of the circular.