The Central Bank of Nigeria ( CBN) has lifted dollar access ban placed on importation of forty-three products in Nigeria.
The new policy of the government gears into a crash in prices of certain commodities while another notion posits that local manufacturers may face higher competition when importation is cheaper.
In 2015, importers of the mentioned commodities/ products were restricted or banned from accessing the dollar from the Foreign Exchange Market but the table has turned as the new leadership in the apex bank just lifted the ban as a way of boosting liquidity in the Forex Market.
According to CBN Director Corporate Communications Isa AbdulMumin, the apex bank is pursuing a goal of attaining a single FX Market.
Here are the forty-three commodities/ products that importers can now enjoy seeking dollars at the Foreign Exchange Market:
- 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