Fertiliser pushes CBN’s import prohibition list to 42
Central Bank of Nigeria (CBN), yesterday, made good its threat to increase items in the import prohibition list with the addition of fertiliser.
The move was to raise the level local production of the item and save the foreign exchange expended on its importation.
CBN governor, Godwin Emefiele, had, at the 2018 Bankers Dinner in Lagos some days ago, hinted of the move to increase the prohibition list and warned that it would collaborate with the Economic and Financial Crimes Commission (EFCC), in investigating abuses so far, with several sanctions in view.
The policy, which has been backdated to December 7, according to the apex bank, was also in continuation of efforts to sustain the achievement recorded from the classification of the 41 import items that are “not valid for foreign exchange” in the nation’s foreign exchange market.
While notifying the authorised dealers and the general public on the new policy, CBN, however, said that it would ensure that transactions under the ‘Form M’ on fertiliser, for which payments were outstanding, were settled at the appropriate settlement date.