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Nairametrics| It’s been just a little over 24 hours since the CBN issued a new Forex policy aimed at the retail end of the FX market and we have already recorded our first flip flop.

Just yesterday, the CBN followed this up with details of documents and requirements applicants need to meet to access the $4,000 PTA per quarter.

In an apparent U-turn, the CBN has now deleted the clause that required that buyers of PTA provide a valid tax clearance certificate before you can purchase forex. The updated circular now deletes the provision meaning that you do not need to own a tax clearance certificate to buy PTA.

This development can also be viewed as an admission that Nigerians (even the rich too) hardly pay personal income tax and even when they do find it difficult obtaining tax clearance certificates. The CBN obviously seeing that this may thwart its plans to reduce some of the demand going to the black market, now decided to take it off. It is also one of the many disconnects between monetary and fiscal policy implementation in forex management in Nigeria.

Get the updated circular here


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