Central Bank of Nigeria Lifts FX Ban on Importation of Cement, Rice, Meat & Forty Others

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.

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Here are the forty-three commodities/ products that importers can now enjoy seeking dollars at the Foreign Exchange Market:

  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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