Following news reports that the Central Bank of Nigeria has lifted the ban on 41 items not eligible for accessing FX from the official market, the Governor of the apex bank, Godwin Emefiele has dismissed such reports.

Emefiele stated that the circular did not mean that the ban on the 41 items had been lifted, stressing that the ban remained in place.

The central bank in the circular had stated that importers of items that had been previously classified as “Not Valid for Forex” with transactions value of $20,000 and below per quarter shall now qualify for allocation of FX going forward.

This it, however, explained shall be subject to the completion of Form Q by small-scale (SME) importers.

The circular addressed to all authorised dealers said: “Please note that importers of items classified as “Not Valid for Forex” with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange subject to the completion of Form Q. Note that this circular supersedes an earlier circular on the subject matter.”

Continuing, the CBN stated that further to the circular on the above subject matter, all authorised dealers are to note that the documentation which includes “a duly completed Form Q; application letter from the customer; applicant must be an account holder with the processing authorised dealer and must have operated the account for at least six months; foreign bank transfer details; and pro-forma invoice from offshore supplier/beneficiary, shall henceforth subsist for the allocation of foreign exchange to small and medium enterprises”.

CBN spokesman Isaac Okorafor, also in a statement thursday, said: “The attention of the CBN has been drawn to media reports to the effect that the banking system regulator has reversed part of its policy on some import items ineligible for FX.

“We wish to state that these reports and their interpretations are wrong. The CBN has not reversed its policy on the 41 items ineligible for FX through the Nigerian FX market.

He said the report was a misinterpretation of the circular, adding: “This provision does not refer to the 41 items that remain ineligible for FX sale in the Nigerian FX market.”