The CBN Has Lifted Restrictions On The Following 43 Items :


The Central Bank of Nigeria (CBN) has finally lifted the foreign exchange restrictions it placed on the importation of 43 items eight years ago. In a statement released on Thursday, October 12, the director of corporate communications of the bank, Dr. Isa AbdulMumin, said a significant change has been made in the foreign exchange market policy.

Importers who were previously restricted from purchasing foreign exchange for 43 specific items, as outlined in the 2015 Circular referenced as TED/FEFPC/GEN/O1/010 and its addendums, are now allowed to participate in the Nigerian Foreign Exchange Market to buy foreign currency for their transactions.

As of October 2021, the Central Bank of Nigeria (CBN) had restricted access to Forex from FX market for the following 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
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

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