Regulatory Alerts2018-12-10 | TED/FEM/FPC/GEN/01/006Re:Inclusion of Some Imported Goods and Services on the List of Items "Not Valid for Foreign Exchange" in the Nigerian Foreign Exchange Market
The Central Bank of Nigeria has added fertilizer to the list of import items that are "Not Valid for Foreign Exchange" in the Nigerian Foreign Exchange Market as of December 7, 2018. The bank will still settle outstanding payments for fertilizer imports. Authorized dealers and the public are expected to comply with this directive.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237804 09 46237802 E-mail address: ted@cbn.gov.ng TED/FEM/FPC/GEN/01/006 December 10, 2018 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 MARKET In the continued effort to sustain the achievement recorded from the classification of 41 import items as "Not Valid for Foreign Exchange" in the Nigerian Foreign Exchange Market, Authorised Dealers and the general public are hereby notified of the inclusion of "Fertilizer" on the list effective Friday December 07, 2018.
However, CBN will ensure that transactions (Form 'M') on fertilizer for which payments are outstanding are settled at the appropriate settlement dates.
Please ensure strict compliance.
AHMED B. UMAR DIRECTOR TRADE & EXCHANGE DEPARTMENT