CBN Warns Authorized Dealers Against Funding Items Classified as “Not Valid for Forex”

Regulators
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Wednesday, July 01, 2015 9.50AM/Central Bank of Nigeria

Further to the circular Ref. No TED/FEM/FPC/GEN/01/010 of June 23 2015, on the above subject matter, Authorized Dealers and the general public are here notified of the following clarifications.

The Central Bank of Nigeria wishes to reiterate that those items which have already been classified as "Not Valid for Forex" cannot be funded at the interbank, from proceeds of exports and Bureaux de Change sources.

Consequently, Authorized Dealers are enjoined to ensure that these items are funded from sources outside all the segments of the Nigerian foreign exchange markets.

For the avoidance of doubt, any Authorized Dealer that is found to have used funds from the interbank, exports proceeds and bureau de change sources to consummate these items classified as “Not Valid for Forex” shall be sanctioned appropriately.

Please note and ensure strict compliance.

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