FULL LIST: CBN lifts ban on 43 items after eight years

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The Central Bank of Nigeria has finally lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.

In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, the bank said this is a significant change to the foreign exchange market policy.

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Below is the list of the 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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