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    Federal Government declares June 6 and 9 public holidays

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

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CBN lifts forex ban on 43 items, full list

Thursday, 12 October 2023, 9:37 pm
in Economy, Policies
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CBN lifts forex ban on 43 items, full list
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The Central Bank of Nigeria (CBN) has lifted the ban it placed on importers of 43 items from accessing foreign exchange on its official platform.

This is according to a statement on Thursday titled, ‘CBN restates commitment to boost liquidity in forex market’, signed by the Director, Corporate Communications, Isa AbdulMumin.

“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 statement said.

“The CBN reiterates that the prevailing foreign exchange 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 has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”

According to the apex bank,  it would continue to promote orderliness and professional conduct by all Nigerian foreign exchange market participants to ensure market forces determined exchange rates on a willing buyer – willing seller principle.

Here is the list of the 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
Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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