AIRLINK 183.86 Increased By ▲ 3.00 (1.66%)
BOP 11.82 Increased By ▲ 0.15 (1.29%)
CNERGY 7.52 Increased By ▲ 0.02 (0.27%)
FCCL 46.38 Increased By ▲ 0.31 (0.67%)
FFL 16.15 Decreased By ▼ -0.11 (-0.68%)
FLYNG 27.78 Increased By ▲ 0.54 (1.98%)
HUBC 135.09 Increased By ▲ 3.02 (2.29%)
HUMNL 13.06 Increased By ▲ 0.04 (0.31%)
KEL 4.62 Increased By ▲ 0.05 (1.09%)
KOSM 6.20 Increased By ▲ 0.10 (1.64%)
MLCF 59.17 No Change ▼ 0.00 (0%)
OGDC 223.06 Increased By ▲ 1.68 (0.76%)
PACE 5.79 Decreased By ▼ -0.08 (-1.36%)
PAEL 44.95 Decreased By ▼ -0.59 (-1.3%)
PIAHCLA 17.66 Decreased By ▼ -0.30 (-1.67%)
PIBTL 10.66 Increased By ▲ 0.48 (4.72%)
POWER 11.73 Decreased By ▼ -0.12 (-1.01%)
PPL 187.05 Increased By ▲ 2.96 (1.61%)
PRL 36.27 Decreased By ▼ -0.27 (-0.74%)
PTC 24.77 Decreased By ▼ -0.19 (-0.76%)
SEARL 100.95 Decreased By ▼ -0.28 (-0.28%)
SILK 1.15 Decreased By ▼ -0.02 (-1.71%)
SSGC 36.96 Decreased By ▼ -0.30 (-0.81%)
SYM 15.69 Increased By ▲ 0.49 (3.22%)
TELE 7.88 Increased By ▲ 0.08 (1.03%)
TPLP 10.83 Increased By ▲ 0.19 (1.79%)
TRG 66.62 Increased By ▲ 6.06 (10.01%)
WAVESAPP 10.82 No Change ▼ 0.00 (0%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
YOUW 3.81 Increased By ▲ 0.10 (2.7%)
BR100 12,458 Increased By 125.9 (1.02%)
BR30 38,307 Increased By 534.6 (1.42%)
KSE100 117,001 Increased By 801.5 (0.69%)
KSE30 36,134 Increased By 227.9 (0.63%)

Nigeria's central bank on Thursday threatened to sanction banks and forex dealers who provide foreign exchange to import luxury items such as private jets and other products that can be sourced locally.
In a statement published in newspapers, the Central Bank of Nigeria (CBN) listed more than 40 items which are not valid for foreign exchange funding, including rice, private jets, cement, toothpicks, margarine, tinned fish, poultry products, soap and cosmetics. Analysts said the move was to encourage local production of the items, discourage frivolous consumption, preserve scarce foreign exchange as well as stop the ongoing fall of the national currency.
"All the items... which have already been classified as 'not valid for forex' cannot be funded at the interbank (foreign exchange market), from proceeds of exports and bureaux de change (BDC) sources," CBN said.
"Any authorised (forex) dealer that is found to have used funds from the interbank, exports proceeds and BDC to consummate these items... or undertaken money wire transfer for a BDC shall be sanctioned appropriately," it added.
Although the central bank did not spell out the penalties, bankers told AFP they could include the withdrawal of operating licences and prosecution of offenders.

Copyright Agence France-Presse, 2015

Comments

Comments are closed.