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ITEMS NOT VALID FOR FOREIGN EXCHANGE (FX) IN THE NIGERIAN FX MARKETS

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In a bid to sustain the stability of the Foreign Exchange (FX) Market and ensure efficient utilization of FX for the derivation of optimum benefits from goods and services imported into Nigeria, the Central Bank of Nigeria (CBN) recently issued a new directive. The directive excludes some imported goods and services from the list of items eligible to access FX at the Nigerian FX markets in order to foster local production of these items.
The implication of this development is that importers desiring to import any of the items listed in the aforementioned CBN’s directive would be required to source for FX without any recourse to the Nigerian FX market (Interbank market and BBN Intervention).
The list of the affected items are attached herewith but may be reviewed as the need arises. Please note that the importation of these items are not banned.

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