The Central Bank of Nigeria has lifted the ban on the importation of 43 goods restricted from accessing the foreign exchange (forex) on its verified platform.
The CBN had made this disclosure via a statement titled: ‘CBN restates commitment to spur liquidity in forex market’, and it had been signed by the Director, Corporate Communications, Isa AbdulMumin, on Thursday, October 12.
The statement read:
“Importers of all 43 items previously restricted by the 2015 circular with reference number: TED/FEM/FPC/GEN/01/010, and its addendums are now permitted to purchase foreign exchange in the Nigerian foreign exchange market.”
The apex bank had revealed that it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure that the market forces were determined exchange rates on a willing buyer to willing seller principle.
Recall that in a circular released in June 2015, the CBN made a list of imported goods and services that would no longer be eligible for foreign exchange in the Nigerian foreign currency market.
The list had originally consisted of 41 items but it was updated to include two more items.
Below are the list of the items:
Rice;
Cement;
Margarine;
Palm kernel;
Palm oil products;
Vegetable oils;
Meat and processed meat products;
Vegetables and processed vegetable products;
Poultry and processed poultry products;
Tinned fish in sauce (Geisha)/sardine;
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;
Reinforcing bars;
Wire mesh;
Steel nails;
Security and razor fencing and poles;
Wood particle boards and panels;
Wood fiberboards and panels;
Plywood boards and panels;
Wooden doors;
Toothpicks;
Glass and glassware;
Kitchen utensils;
Tableware;
Tiles-vitrified and ceramic;
Gas cylinders;
Woven fabrics;
Clothes;
Plastic and rubber products;
Polypropylene granules;
Cellophane wrappers and bags;
Soap and cosmetics;
Tomatoes/tomato pastes;
Eurobond/foreign currency bond/ share purchases;
