May 03, · cbn 41 items: reason for restriction on forex In the circular referenced TED/ FEN/ FPC/ GEN/0 1/ dated 3 June , the CBN explains: “In the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilisation of foreign exchange and the derivation of optimum benefit from goods and services Reviews: 6 Jul 22, · CBN Warns Authorized Dealers Against Funding Items Classified as “Not Valid for Forex” – Jul 01, 3. CBN Includes Furnitures in Imported Goods and Services Classified as Invalid for Nigerian Forex Market – Jun 24, 4. CBN Classifies 40 Imported Goods and Services as Invalid for Nigerian Forex Market - Jun 24, Items that are not valid for Forex are prohibited,baned or illegal items either locally produced or imported illegally. Below is Nigeria’s list of prohibited or restricted imports or produced goods which can't take effect in FOREX 1. Live or dead
CBN's 41 'Not Valid for FOREX' Items & Their Sectoral Impacts
Nigeria import prohibition items are not the same as 42 items restricted for foreign exchange. Most people make the mistake of exchanging prohibited goods for not-valid-FOREX items.
This article will differentiate between what is restricted and what is prohibited. Read Also: FORM M NIGERIA: HOW TO PROCESS AND OBTAIN IT. Nigeria import prohibited items are commodities marked as contraband. Thus, what this means is that importation of such goods is illegal and not allowed. Also, any importation of such goods by an importer is treated as violation of and order. Items prohibited for importation include the following:.
Items marked as not valid for foreign exchange are not the same as prohibited items. Foreign currency for the importation of Not-valid-for-FOREX items must be sourced by individual importers from the open market.
Therefore, not-valid-for-FOREX items are not funded from inter-bank market. To import not valid for foreign exchange commodities in Nigeria requires approval from the central bank of Nigeria.
For details on how to secure approval from central bank of Nigeria, see my article: CBN 41 ITEMS NOT VALID-FOR-FOREX: HOW TO IMPORT. Nigeria import prohibited items are sometimes mistaken as items marked not valid for foreign exchange.
This article has shown that both classifications are different. Not valid for foreign exchange items means that the commodities are not legible for official foreign exchange. To import not valid for foreign exchange item, importers must source foreign currency from the parallel market. Prohibited items are contraband goods and are therefore not allowed for importation except by government agencies with permission.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Skip to content. Please follow and like us:. Leave a Reply Cancel reply Your email address will not be published. Cane or beet sugar and chemically pure sucrose, 48 items not valid for forex in nigeria, in solid form containing added flavouring or colouring matter.
Waters, including Mineral Waters and Aerated Waters containing added Sugar or Sweetening Matter or Flavoured, ice snow. Paracetamol Tablets and Syrups Cotrimoxazole Tablets Syrups Metronidazole Tablets and Syrups Chloroquine Tablets and Syrups 48 items not valid for forex in nigeria Formulations; Ferrous Sulphate and Ferrous Gluconate Tablets, Folic Acid Tablets, Vitamine B Complex Tablet [except modified released formulations].
Multivitamin Tablets, capsules and Syrups [except special formulations]. Aspirin Tablets [except 48 items not valid for forex in nigeria released formulation and soluble aspirin].
Magnesium trisilicate tablets and suspensions. Rethreaded and used Pneumatic tyres but excluding used trucks tyres for rethreading of sized Hollow Glass Bottles of a capacity exceeding mls 0.
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, time: 7:44CBN 41 ITEMS NOT VALID-FOR-FOREX: HOW TO IMPORT
37 rows · May 18, · Thursday, May 18, PM/CBN Following misconceptions and Dec 16, · Foreign currency for the importation of Not-valid-for-FOREX items must be sourced by individual importers from the open market. Therefore, not-valid-for-FOREX items are not funded from inter-bank market. To import not valid for foreign exchange commodities in Nigeria requires approval from the central bank of blogger.comted Reading Time: 2 mins May 03, · cbn 41 items: reason for restriction on forex In the circular referenced TED/ FEN/ FPC/ GEN/0 1/ dated 3 June , the CBN explains: “In the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilisation of foreign exchange and the derivation of optimum benefit from goods and services Reviews: 6
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