We Have Clarified Items Valid For Forex – CBN

This is Following the misconceptions and enquiries across the market about items valid for accessing foreign exchange (forex) from the interbank market, the Central Bank of Nigeria (CBN) wednesday listed the eligible items that are valid.

The CBN, in a circular  signed by its Director, Trade and Exchange Department, W.D. Gotring, a copy of which was posted on its website, listed 35 set of items valid for forex,  and urged authorised dealers to ensure compliance.

The misconception was triggered by a recent central bank circular.

According to the latest circular, the items included animal or vegetable fats and oil fractions, hydrogenated (not including palm oil/Olein and margarine,); prepared glues and adhesive based on polymers of headings 39.01 to 39.13 or on rubber; other plates, sheets, film, foil and strip of polymers of ethylene printed (only for pharmaceutical manufacturing); and bobbins, spools, cops and similar supports of paperboard …..of kind used for winding textile yarn.

Some others listed were uncoated Kraft paper and board in rolls; synthetic filament yarn,textured yarn of nylon or other polyamides measuring per single yarn more than 50 text; woven fabrics of synthetic filament yarn, including woven fabrics obtained from material…polypropylene fabrics of the type used as carpet backing; laboratory – hygienic or pharmaceutical glassware; other articles of plastics and articles of other matter (only for pharmaceutical manufacturing); and non-domestic heating/cooling equipment, other machinery, plant or laboratory equipment not specified (only for pharmaceutical manufacturing.

 

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