The Central Bank of Nigeria (CBN) on Thursday stated clearly that it has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market.
This follows media reports to the effect that the CBN has reversed part of its policy on some import items ineligible for forex.
“We wish to state that these reports and their interpretations are wrong. The CBN has not reversed its policy on the 41 items ineligible for forex through the Nigerian forex market”.
A statement signed by Isaac Okorafor, acting director, corporate Communications, reads, “the reports appear to be a misinterpretation of our circular titled: Revised Documentation Requirements For Allocation Of Foreign Exchange For Small-Scale Importation dated May 03, 2017, to the effect that importers of items classified as “ineligible for Forex” with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange subject to the completion of form Q”.
On the other hand, banks and other authorized dealers have again failed to fully subscribe to the sum of $150 million offered by the Central Bank of Nigeria (CBN) on Thursday, May 4, 2017.
The news filtering from the apex Bank indicate that the dealers could only pick the sum of $43.5 million, which represents 29 per cent of the $150 million offered for subscription in the wholesale segment of the foreign exchange market.
Confirming this development, Okorafor, reaffirmed the Bank’s position to sustain the intervention with a view to making foreign exchange available for all genuine transactions eligible for foreign exchange through the CBN window.
Okorafor also allayed the fear over the dwindling subscription by authorized dealers noting that the development merely goes to confirm the extent of liquidity in the foreign exchange market and the determination of the CBN to sustain the intervention aimed at ensuring stability in the market.
Meanwhile, the operators in the Bureau D’ Change segment of the market were also on hand on Thursday to pick the $20,000 offered to service the low end foreign exchange users.
HOPE MOSES-ASHIKE
