January 5, 2025

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See full list of 43 items CBN lifted forex restriction on

CBN insists 43 non-eligible items remain banned from forex

The Central Bank of Nigeria (CBN) has lifted the foreign exchange restriction on importation of 43 items assuring of its commitment to boost liquidity in the foreign exchange market.

See the full list of the affected 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

22 Reinforcing bars

23 Wire mesh

24 Steel nails

25 Security and razor fencing and poles

26 Wood particle boards and panels

27 Wood fiberboards and panels

28 Plywood boards and panels

29 Wooden doors

30 Toothpicks

31 Glass and glassware

32 Kitchen utensils

33 Tableware

34 Tiles-vitrified and ceramic

35 Gas cylinders

36 Woven fabrics

37 Clothes

38 Plastic and rubber products

39 Polypropylene granules

40 Cellophane wrappers and bags

41 Soap and cosmetics

42 Tomatoes/tomato pastes

43 Eurobond/foreign currency bond/ share purchases

Disclosing this in a statement, Director Corporate Communications, Department, CBN, Dr.Isa Andulmumin, said, ”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.

“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.”

 

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