Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

CBN ends forex for fertilizer importation, raises concern over banks sharp practice

Fikayo Owoeye by Fikayo Owoeye
December 11, 2018
in Business News, Politics
The CBN Building, Abuja - capital inflows

The CBN Building, Abuja

Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) in a circular ‘Inclusion of some imported goods and services on the list of items not valid for forex in the Nigerian forex market.’ released yesterday has added fertilizer to the list of 41 import items classified as ‘not valid for foreign exchange’ in the Nigerian forex market effective from December 7 2018.

The apex bank however added that it would ensure that transaction (Form M) on fertilizer “for which payments are outstanding are settled at the appropriate settlement dates.”

Recall that on July 1 2015, the apex bank restricted the availability of foreign exchange to 41 items which could be competitively produced within the economy. The policy by the CBN has resulted in massive investment and the establishment of several cottage industries that now engage in the production of the restricted items across the country.

RelatedPosts

Look no Further Than GreenWaveX

Germany to return of 1,130 looted Benin bronzes to Nigeria

The CBN however raised an alarm over activities of some banks which may erode the benefits and gains of the restriction policy if not nipped in the bud. The apex bank noted that unfortunately, trade information available to it indicated the circumvention of the policy as the restricted items were being dumped in the country.

According to CBN

“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 view to visiting severe sanctions on all the culprits.”

“Banks that provided their platforms for such economic abuses would also be appropriately sanctioned.”

It however vowed to impose heavy penalty on financial institutions found culpable. Such sanctions include blacklisting the corporate and their directors; closure of their bank accounts; and restricting them from maintaining any bank account in any bank under the CBN remit.

 

 

 

 

 

 

Related

Tags: CBNCBN restricted items

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Look no Further Than GreenWaveX
    • FUGAZ investors gain N25 billion combined during the week
    • Top five things buyers should know when purchasing land in Africa

    Follow us on social media:

    Recent News

    Look no Further Than GreenWaveX

    Look no Further Than GreenWaveX

    July 2, 2022
    Profit-taking in FUGAZ stocks weigh down the NGX, taking the Market Cap to N21.91 trillion,

    FUGAZ investors gain N25 billion combined during the week

    July 2, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com