BREAKING: CBN Lifts Forex Restrictions On Importation Of 43 Items (List)
The Central Bank of Nigeria (CBN) has lifted the ban on 43 items imposed under the Godwin Emefiele era.
The current lifting was disclosed in a circular by the apex bank released on October 12, 2023.
According to the central bank, it will also boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.
The 43 items are:
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 (Gelsha)/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 ReInforcina Bars
Wire Mesh
Steel Nalls
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, Cellophane Wrappers
Soap and cosmetics
Tomatoes/Tomato Pastes
Euro bond/Foreign Currency Bond/Share Purchases
Milk
Maize
Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.
Under the new guidelines, the CBN said it will be championing the ‘Willing Buyer – Willing Seller’ principle, emphasizing its commitment to a market-driven exchange rate system.
It also said to avoid potential misinformation, participants are advised to reference foreign exchange rates only from official platforms such as the CBN website, FMDQ, and other recognized trading systems.
