We are working on replacing some of 41 items not valid for forex, says Osinbajo

May 01

23:15 2017

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Vice-President Yemi Osinbajo says the federal government is nudging the Central Bank of Nigeria (CBN) to replace some of the 41 items not eligible for foreign exchange.

Earlier in the life of the administration, the CBN listed 41 items as not valid for foreign exchange (forex) through the official forex window.

This action has weathered strong criticism for nearly two years now, with the CBN holding its stance on those items — but that may be changing soon.

Speaking at The Platform, a programme organised by Covenant Christian Centre, on Monday, Osinbajo said the government is seeking to review the list to exclude items that need to be important for local manufacturing.

“In stabilising the macroeconomic environment, we’ve focused on aligning our fiscal and monetary policy, and nudging the central bank in the general direction of allowing a more market-determined exchange rate,” Osinbajo said.

“We are also working on replacing some of the 41 items not valid for foreign exchange with a more trade policy driven alternative. Taking into account those items that are required and locally unavailable, which we must continue to import.”

Here are the 41 items not eligible for forex via official window: