The Central Bank of Nigeria (CBN) has come out with 36 items considered valid for foreign exchange access.
In a circular dated May 17, 2017, signed by the director, Trade and
Exchange Department of CBN, W. D. Gotring, the bank said it was in
response to the misconception emanating from the recent circular on
items valid for forex allocation, stressing that the 41 items remained
banned.
But stakeholders affected by the policy have reacted to the bank’s decision.
Manufacturers Association of Nigeria (MAN) said the concession by CBN
for 36 items now included for foreign exchange would further lift the
manufacturing sector out of the present economic doldrums.
Reacting to CBN’s list of 36 items valid for access to foreign
exchange in the foreign exchange market by the apex bank, the MAN
president, Frank Jacobs, who spoke with EYES OF LAGOS ,said that though the
association was yet to get the details on the list, it was commendable.
“It is a step in the right direction, bearing in mind that those
companies that have invested in the country, but could not produce due
to lack of raw materials, can now get raw materials and commence
production,” he said.
The MAN president said the lift of restriction on those items may not
be unconnected with several representations the association has made to
CBN on the need to reconsider its position on the restriction placed on
41 items.
He said MAN had broken down the list to 95, out of which it had made
case for 42 items, noting that the 36 must have been out of the 42
banned items.
“Information we are getting now is that only 36 items have been
released; we are yet to get clarification. But those items must have
been those not available because we do not have the capacity to produce
them.”
The CBN had in a circular to all banks and the general public,
explained that the list of the 36 items valid was released to clarify
misconceptions about details of the 41 items banned from accessing
dollars in the foreign exchange market.
