Regulatory Alerts2015-10-23 | TED/FEM/FPC/GEN/01/021Re: Inclusion of Some Imported Goods and Services on the List of Items Not Valid for Foreign Exchange in the Nigerian Foreign Exchange Markets
The Central Bank of Nigeria informs authorized dealers that Letters of Credit established before June 23, 2015, for the 41 items excluded from the foreign exchange market can now be paid from the interbank foreign exchange market. Banks must submit weekly returns on negotiated Letters of Credit to the CBN's Trade and Exchange Department in Abuja. No foreign exchange is to be provided for any of the 41 items established after June 23, 2015.
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