CBN lifts ban on 43 itemsThe Central Bank of Nigeria has recently removed the foreign exchange restrictions it had imposed on 43 specific items eight years ago. This change in policy, as communicated by Dr. Isa AbdulMumin, the Director of Corporate Communications at CBN, is seen as a significant development in the foreign exchange market. The central bank believes that this move will enhance liquidity in the Nigerian Foreign Exchange Market and will provide interventions as needed, with a gradual decrease in interventions as liquidity improves.Back in June 2015, the CBN had issued a list of goods and services that were ineligible for foreign exchange in the Nigerian market, initially comprising 41 items but later expanded to include two more.
The items on this list include various goods like rice, cement, palm oil products, steel products, kitchen utensils, and many others. With the removal of these restrictions, importers of these items should now have more flexibility in accessing foreign exchange for their transactions.
Below are the list of those items RiceCementMargarinePalm kernelPalm oil productsVegetable oilsMeat and processed meat productsVegetables and processed vegetable productsPoultry and processed poultry productsTinned fish in sauce (Geisha)/sardineCold rolled steel sheetsGalvanized steel sheetsRoofing sheetsWheelbarrowsHead pansMetal boxes and containersEnamelwareSteel drumsSteel pipesWire rods (deformed and not deformed)Iron rodsReinforcing barsWire meshSteel nailsSecurity and razor fencing and polesWood particle boards and panelsWood fiberboards and panelsPlywood boards and panelsWooden doorsToothpicksGlass and glasswareKitchen utensilsTablewareTiles-vitrified and ceramicGas cylindersWoven fabricsClothesPlastic and rubber productsPolypropylene granulesCellophane wrappers and bagsSoap and cosmeticsTomatoes/tomato pastesEurobond/foreign currency bond/ share purchases