Re-Inclusion Of Some Imported Goods and Services on The List of Items not Valid for Foreign Exchange In Nigerian Foreign Exchange Markets

9-61637804
CENTRAL BANK OF NIGERI/
Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT 09-61637802 TRADE AND EXCHANGE DEPARTMENT E-mail address:ted@cenbank.org TED/FEM/FPC/GEN/01/012 July 01, 2015 To: ALL AUTHORISED DEALERS, BDCs AND THE GENERAL PUBLIC RE-INCLUSION OF SOME IMPORTED GOODS AND SERVICES ON THE LIST OF ITEMS NOT VALID FOR FOREIGN EXCHANGE IN THE NIGERIAN FOREIGN EXCHANGE MARKETS As a follow up to the Circular Ref. No.TED/FEM/FPC/GEN/01/010 of June 23, 2015, on the above subject, Authorized Dealers, the BDCs and the general public are hereby notified of the following additional clarifications.

As stated in the circular, all the items on the attached schedule which have already been classified as "Not Valid for Forex" cannot be funded at the interbank, from proceeds of exports and Bureaux de Change sources.

Consequently, Authorised Dealers are enjoined to ensure that these items are funded from sources outside all the segments of the Nigerian foreign exchange markets. (Interbank, Export proceeds and BDC segments) Authorized dealers and the BDCs are also reminded of the need to comply strictly with the requirements of the Central Bank Circular reference no.

TED/AD/62/2006 of April 4, 2006 which "inter alia" categorically stated that:
VITRAL BANK OF NICE
"BDCs shall use the cash purchased for the transactions listed below, provided the invoices/demand notes for the payment do not exceed US$5,000.00 (Five Thousand United States Dollars) or its equivalent in other foreign currencies per transaction".

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BTA/PTA
Mortgage monthly payment School fees abroad Credit card payment Utility bills; and Life insurance premium payment It is therefore necessary to note that BDCs are only authorized to sell dollar cash of not more than $5,000 per each of these transactions. Under no circumstances shall an authorized dealer engage in wire transfer of funds on behalf of any of the Bureaux de Change operators.

For the avoidance of doubt, any Authorized Dealer that is found to have used funds from the interbank, exports proceeds and bureau de change to consummate these items classified as "Not Valid for Forex" or undertake money wire transfer for a BDC shall be sanctioned appropriately. Please note and ensure strict compliance.

OLAKANMI I. GBADAMOSI
DIRECTOR
TRADE & EXCHANGE DEPARTMENT
LIST OF ITEMS NOT VALID FOR FOREIGN EXCHANGE AT THE NIGERIAN FOREIGN EXCHANGE WINDOW

1. Rice 2. Cement 3. Margarine 4. Paim Kernel/Palm oli products/vegetable oils 5. Meat and Processed Meat Products 6. Vegetables and Processed Vegetable Products 7. Poultry - chicken, eggs, Turkey 8. Private Airplanes/Jets 9. Incense 10. Tinned Fish in sauce (Geisha)/Sardines, and Fish 11. Cold Rolled Steel Sheets 12. Galvanized Steel Sheets 13. Roofing Sheets 14. Wheelbarrows 15. Head Pans 16. Metal Boxes and Containers 17. Enamelware 18. Steel Drums 19. Steel Pipes 20. Wire Rods (deformed and not deformed)
2. Iron Rods and Reinforcing Bars 22. Wire Mesh 23. Steel Nails 24. Security and Razor Wire 25. Wood Particle Boards and Panels 26. Wood Fiber Boards and Panels 27. Plywood Boards and Panels 28. Wooden Doors 29. Furnitures 30. Toothpicks 31. Glass and Glassware 32. Kitchen Utensiis 33. Tableware 34. Tiles - vitrifled and ceramic 35. Textiles 36. Woven Fabrics 37. Clothes 38. Plastic and Rubber Products, Celiophane Wrappers and Finished Aluminum Cans 39. Soap and cosmetics 40. Tomatoes/Tomato Pastes 41. Euro bond/Foreign Currency Bond/Share Purchases