CBN bans fertilizer importers from accessing Forex

The Federal Government, through the Central Bank of Nigeria (CBN) on Monday struck off importers of fertilizer from the list of those eligible to get foreign exchange from the Bank.

CBN Director, Trade & Exchange Department, Ahmed B. Umar, disclosed this in a Memo entitled “Re: Inclusion of Some Imported Goods and Services on the List of Items “Not Valid for Foreign Exchange” in the Nigerian Foreign Exchange Market”.

The Memo sighted by News Express reads: “In the continued effort to sustain the achievement recorded from the classification of 41 import items as “Not Valid for Foreign Exchange”, Authorized Dealers and the general public are hereby notified of the inclusion of “fertilizer” in the list effective Friday December 07, 2018.

“However, CBN will ensure that transactions (Form M) on fertilizer for which payments are outstanding are settled at the appropriate settlement dates.”