Central Bank of Nigeria has added fertiliser on the list of import items that are not valid in the Nigerian Forex Market.
CBN made the disclosure in a circular classified as “not valid for foreign exchange” on Monday.
It added that the inclusion would ensure that transactions on fertiliser for which payments are outstanding are settled at the appropriate settlement dates.
According to another circular on ‘Foreign exchange restriction on the importation of 42 items’, CBN noted that “The policy has resulted in massive investments and the establishment of cottage industries that now engage in the production of the restricted items across the country. The growth and employment benefits have been phenomenal.”
The Apex bank also said that trade information available to it indicated the avoidance of the policy as the restricted items were being dumped in the country and the implications are that the growth and employment benefits arising from the policy may be eroded if not checked.
“The CBN views this development with trepidation. The Economic Intelligence Unit of the bank in collaboration with the Economic and Financial Crimes Commission would commence immediate investigation of the accounts of the corporate and entities engaged in this unwholesome act with a view to visiting severe sanctions on all the culprits.” It said