The Central Bank of Nigeria on Thursday finally lifted the foreign exchange restriction ban placed by a former governor of the bank, Mr Godwin Emefiele on the importation of 43 items.
The apex bank lifted the restriction in a statement issues by the Director, Corporate Communications Department, Isa AbdulMumin.
The Apex bank said in the statement made available to our Reporter that the 43 items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
To sustain the stability of the naira and ensure the efficient utilisation of forex, the CBN excluded importers of 41 items from accessing forex at the exchange markets to encourage local production and modified the list subsequently to 43 items.
The list are ;
Rice
Cement
Margarine
Palm kernel/palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed
vegetable products
Poultry – chicken, eggs, turkey
Private airplanes/jets
Indian incense
Tinned fish in sauce (geisha)/sardines
Cold-rolled steel sheets
Galvanised 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 reinforcing bars
Wire mesh
Steel nails
Security and razor wire
Wood particle boards and panels
Wood fibre 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, polypropylene granules, cellophane wrappers
Soap and cosmetics
Tomatoes/tomato paste
Dairy/milk
Maize
In the statement, the CBN said it 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.
It 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.
“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 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.
