CBN Lifts Ban on 43 Items After 8 Years

The Central Bank of Nigeria, CBN has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, the bank said this is a significant change to the foreign exchange market policy.

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

World Bank Warns CBN Against FX Control, Others

In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Below is 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