The Central Bank of Nigeria (CBN) has announced the lifting of the foreign exchange restriction on 43 items that were previously prohibited from accessing forex in the Nigerian Foreign Exchange Market. The ban, which was introduced in 2015 by the former CBN governor, Godwin Emefiele, has now been rescinded.
The CBN’s decision was officially communicated through a statement issued by the Director of the Corporate Communications Department, Isa AbdulMumin. The apex bank aims to promote the purchase of foreign exchange for these 43 items, marking a major policy shift in the nation’s economic landscape.
Emefiele Considering Plea Bargain Deal in Alleged N6.9 Billion Fraud Case
Emefiele’s initial ban, introduced through Circular TED/FEM/FPC/GEN/01/010, was intended to stabilize the naira and encourage the efficient utilization of forex. The former governor aimed to boost local production by excluding importers of these 43 items from accessing foreign exchange at the exchange markets.
The list of items that were previously restricted from accessing forex includes:
– Rice
– Cement
– Margarine
– Palm kernel/palm oil products/vegetable oils
– Meat and processed meat products
– Vegetables and processed vegetable products
– Poultry (chicken, eggs, turkey)
– Private airplanes/jets
– Indian incense
– Tinned fish in sauce (geisha)/sardines
– Cold-rolled steel sheets
– Galvanized steel sheets
– Roofing sheets
– Wheelbarrows
– Head pans
– Metal boxes and containers
– Enamelware
– Steel drums
– Steel pipes
– Wire rods (deformed and not deformed)
– Iron rods and reinforcing bars
– Wire mesh
– Steel nails
– Security and razor wire
– Wood particle boards and panels
– Wood fiber boards and panels
– Plywood boards and panels
– Wooden doors
– Furniture
– Toothpicks
– Glass and Glassware
– Kitchen utensils
– Tableware
– Tiles (vitrified and ceramic)
– Textiles
– Woven fabrics
– Clothes
– Plastic and rubber products, polypropylene granules, cellophane wrappers
– Soap and cosmetics
– Tomatoes/tomato paste
– Eurobond/foreign currency bond/share purchases
– Dairy/milk
– Maize
The lifting of these restrictions is seen as a bold step toward promoting economic growth and development in Nigeria.
