• Emefiele
The Central Bank of Nigeria (CBN) will continue to deny importers access to foreign exchange (forex) to bring in goods which can be produced locally, its Governor, Mr Godwin Emefiele, has said.
Emefiele, who made this known in Lima, Peru, said the policy was not up for review.
The apex bank has identified about 41 items which it denied eligibility to access forex from the its interbank window.
The CBN chief, while briefing with reporters from Nigeria at the International Monetary Fund (IMF)/the World Bank Group meetings, on the outcome of the Nigerian delegation’s engagement at the event, said contrary to insinuations, the regulator has not banned any goods from being imported.
“We have not banned any items. What we just did was to exclude them from accessing foreign exchange; items that can be produced in the country. We think that because of the problems we’ve had, the drop in commodity prices and revenue accruing to the nation, and because we know that these items have been produced in large quantities in this country in the past, that provision still stands. The CBN is not reconsidering the ban, the exclusion still stands,” he stressed.
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