Items Not Valid for Foreign Exchange (FX) in the Nigerian FX Markets

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Items Not Valid for Foreign Exchange (FX) in the Nigerian FX Markets

In an attempt to sustain the stability of the Foreign Exchange (FX) Market and ensure efficient utilization of Foreign Exchange for the derivation of optimum benefits from goods and services imported into Nigeria, the Central Bank of Nigeria (CBN) recently issued a new directive in a circular it distributed. The directive exempts some imported goods and services from the list of items eligible to access FX at the Nigerian Foreign Exchange markets in order to foster and support local production of these items in the country. The implication of this development is that…

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