JUST IN: CBN Lifts Ban on 43 Items from Accessing Forex

Written by Bola Abraham

The Central Bank of Nigeria (CBN) has announced the restoration of the 43 items that were previously prohibited from accessing foreign exchange (FX) from the official window. The decision was made public in a statement signed by Isa AbdulMumin, the director of corporate communications of the CBN, on Thursday.

The statement said that the CBN had reviewed the policy of excluding some imported goods and services from the list of items eligible for FX, which was introduced in 2015 to conserve the nation’s foreign reserves and stimulate local production.

The statement said that the CBN had observed that the policy had achieved its objectives of reducing the importation of some items, boosting domestic production and creating jobs. It also said that the policy had helped to improve the balance of payments position and strengthen the naira.

The CBN had decided to lift the ban on the 43 items in order to enhance the competitiveness of the Nigerian economy, facilitate trade and investment, and support the recovery from the COVID-19 pandemic.

The 43 items that are now eligible for FX as follows:

  • Rice
  • Cement
  • Margarine
  • Palm kernel/palm oil products/vegetables 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
  • Galvanised 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 fibre 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 CBN has promised to continue to monitor the developments in the FX market and implement appropriate policies to ensure price stability and exchange rate stability.

The CBN urged Nigerians to support their efforts  to diversify the economy, create jobs and reduce poverty.

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