CBN Releases Guidelines for Getting Foreign Exchange for 41 Banned Items

The Central Bank of Nigeria (CBN) has announced guidelines for getting foreign exchange to import the 41 items on the forex prohibition list.

According to CBN, importers can sought for the 41 items from commercial banks, but the bank must inform the CBN of how it got the funds. The money must not be from the interbank market, CBN added.

“All Forms ‘M’ to be registered on the Nigerian Single Window for Trade portal for items classified by CBN as ‘Not Valid for Foreign exchange’, should be accompanied with the following documents in addition to other regulatory permits where applicable:

“Proforma invoice from the supplier, Insurance certificate (marine/cargo), written confirmation from the Authorised Dealer Bank stating the source of funds including any documentary evidence.

“In addition, Authorised Dealers are required to forward hard copies of Forms ‘M’ relating to all items ‘not valid for foreign exchange’ and the documents indicated above to the Director Trade and Exchange Department, Central Bank of Nigeria, Abuja for necessary approval before validation.”

These are contained in CBN’s monetary, credit, foreign trade and exchange policy guidelines for 2016/2017 fiscal years. It was signed by CBN Governor, Godwin Emefiele.