In yet another step towards a deregulation of the foreign exchange market, the Central Bank of Nigeria (CBN), has removed the 48 items from the banned list. This seems to be a prelude to a full deregulation of the foreign exchange market. In 2015, 48 items were banned including toothpicks, private jets and palm oil. Here is what we know about the just issued circular:
Importers of the items that were previously banned, will now be allocated $20,000 a quarter.
The importers will be required to provide Form Q.
Applicants for the foreign exchange would be required to have been account holders for at least six months.
Foreign account bank transfer details will be provided along with an invoice.