December 6, 2023

Rice, cement, palm oil top list as Nigeria’s apex bank lifts forex restriction on 43 items

Rice, cement, palm oil and other key items come to the fore as the Central Bank of Nigeria, CBN, lifted the ban on 43 items previously restricted from accessing foreign exchange (FX).

Isa AbdulMumin, Director of Corporate Communications at CBN, made this known in a statement on Thursday.

The apex bank said the move became necessary to end the foreign exchange crisis that has affected the country’s economy.

According to the statement, “Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010, and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

“The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

“The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

Here is the list of the 43 items:

  1. Rice
  2. Cement
  3. Margarine
  4. Palm kernel
  5. Palm oil products
  6. Vegetable oils
  7. Meat and processed meat products
  8. Vegetables and processed vegetable products
  9. Poultry and processed poultry products
  10. Tinned fish in sauce (Geisha)/sardine
  11. Cold rolled steel sheets
  12. Galvanized steel sheets
  13. Roofing sheets
  14. Wheelbarrows
  15. Head pans
  16. Metal boxes and containers
  17. Enamelware
  18. Steel drums
  19. Steel pipes 20. Wire rods (deformed and not deformed)

21.Iron rods

  1. Reinforcing bars
  2. Wire mesh
  3. Steel nails
  4. Security and razor fencing and poles
  5. Wood particle boards and panels
  6. Wood fiberboards and panels
  7. Plywood boards and panels
  8. Wooden doors
  9. Toothpicks
  10. Glass and glassware
  11. Kitchen utensils
  12. Tableware
  13. Tiles-vitrified and ceramic
  14. Gas cylinders
  15. Woven fabrics
  16. Clothes
  17. Plastic and rubber products
  18. Polypropylene granules
  19. Cellophane wrappers and bags
  20. Soap and cosmetics
  21. Tomatoes/tomato pastes
  22. Eurobond/foreign currency bond/ share purchases

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