The Central
Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as
ineligible for foreign exchange.
CBN, in
2015, shortly after President Muhammadu Buhari assumed office, placed a
restriction on 41 items for which importers could no longer get dollars,
including rice, toothpicks, cement, private jets, steel products, plastics and
rubber, soap, cosmetics, furniture, Indian incense and foreign bonds.
“Importers
of items classified as not valid for forex with transaction value of $20,000
and below per quarter shall now qualify for allocation of foreign exchange,”
Reuters quotes CBN as saying.
However, the
restriction still exists for businesses with transaction value above $20,000.
Details
later…
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