Regulatory Alerts2015-06-30 | TED/FEM/FPC/GEN/01/011Re:Inclusion of Some Imported Goods And Services On the Items Not Valid For Forex In Market
The Central Bank of Nigeria has issued a circular to all authorized dealers and the public, clarifying that certain imported goods and services classified as "Not Valid for Forex" cannot be funded from interbank, export proceeds, or bureau de change sources. Authorized dealers are instructed to ensure that these items are funded from sources outside the Nigerian foreign exchange markets and will face sanctions if they fail to comply.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09-61637804 09-61637802 E-mail address:ted@cenbank.orq TED/FEM/FPC/GEN/01/011 June 30, 2015 To: ALL AUTHORISED DEALERS 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 Further to the Circular Ref. No. TED/FEM/FPC/GEN/01/010 of June 23, 2015, on the above subject, Authorized Dealers and the general public are hereby notified of the following clarifications.
The Central Bank of Nigeria wishes to reiterate that those items 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.
For the avoidance of doubt, any Authorized Dealer that is found to have used funds from the interbank, exports proceeds and bureau de change sources to consummate these items classified as "Not Valid for Forex" shall be sanctioned appropriately.
Please note and ensure strict compliance.
OLAKANMI I. GBADAME DIRECTOR TRADE & EXCHANGE DEPARTMENT