The Central Bank of Nigeria, CBN has announced the removal of foreign exchange restrictions on the importation of 43 Items.
The apex bank emphasized its dedication to enhancing liquidity in the forex market.
Dr. Isa Abdulmumin, who is Director of Corporate Communications at CBN, importers of the previously restricted items are now permitted to buy foreign exchange in the Nigerian Foreign Exchange Market.
“The CBN will promote orderliness and professional conduct, allowing market forces to determine exchange rates based on a Willing Buyer – Willing Seller principle.”
The CBN stressed the importance of referencing forex rates from platforms like the CBN website, FMDQ, and other recognized trading systems to ensure transparency and credibility.
Abdulmumin further stressed the bank’s commitment to stabilizing prices by intervening in the Nigerian Foreign Exchange Market when necessary. As market liquidity improves, these interventions will gradually decrease, Abdulmumin promised.
The CBN also expressed its dedication to resolving the FX backlog issue through ongoing dialogues with stakeholders. The CBN has a goal of establishing a single FX market, and consultations with market participants are underway to achieve this objective. All participants and the general public are advised to adhere to these guidelines.
Below is the list of the items:
- Rice
- Cement
- Margarine
- Palm kernel
- Palm oil products
- Vegetable oils
- Meat and processed meat products
- Vegetables and processed vegetable products
- Poultry and processed poultry products
- Tinned fish in sauce (Geisha)/sardine
- 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
- Reinforcing bars
- Wire mesh
- Steel nails
- Security and razor fencing and poles
- Wood particle boards and panels
- Wood fiberboards and panels
- Plywood boards and panels
- Wooden doors
- Toothpicks
- Glass and glassware
- Kitchen utensils
- Tableware
- Tiles-vitrified and ceramic
- Gas cylinders
- Woven fabrics
- Clothes
- Plastic and rubber products
- Polypropylene granules
- Cellophane wrappers and bags
- Soap and cosmetics
- Tomatoes/tomato pastes
- Eurobond/foreign currency bond/ share purchases