Showing posts from December 11, 2018

Central Bank Commences Restriction of Banned Import Items

Sandra Ukele
The Central Bank of Nigeria (CBN) has commenced a wide investigation into the bank accounts of organisations involved in the unscrupulous importation of the 41 items listed as Valid for Foreign Exchange”, for possible violation of the foreign exchange restrictions.
Announcing this move in a circular entitled: “Foreign Exchange Restriction on the importation of 42 items,” Director, Financial Policy and Regulation Department, Ken Amogu said: “Trade information available to the CBN indicates circumvention of the policy as the restricted items are being dumped in the country.
“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 (EFCC) would commence immediate investigation of the accounts of the corporate and entities engaged in this unwholesome act with a vie…