CBN removes forex ban on 43 items (see full list)

Central bank to utilize $3 billion loan to stabilize economy - NEC
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The Central Bank of Nigeria (CBN) has officially lifted the ban on 43 items that were previously restricted from accessing foreign exchange (forex) through the investor’s and exporters’ (I&E) window.

Initially, in 2015, the CBN imposed restrictions on 41 items from accessing FX through the country’s official market.

As a result, importers of these items had to resort to the black market, often leading to higher exchange rates.

Over time, the CBN added two more items to this list in 2018 and 2020. In a recent statement issued by the CBN on Thursday, importers of these 43 items are now permitted to purchase foreign exchange in the official market.

This move is expected to provide more flexibility and access to forex for businesses involved in the import of these items.

Here is the full list of the 43 items:

  • Rice
  • Cement
  • Margarine
  • Palm kernel/palm oil products/vegetable 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
  • 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 and reinforcing bars
  • Wire mesh
  • Steel nails
  • Security and razor wire
  • Wood particle boards and panels
  • Wood fiber 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, cellophane wrappers
  • Soap and cosmetics
  • Tomatoes/tomato pastes
  • Euro bond/foreign currency bond/share purchases
  • Maize/corn
  • Fertilizer
  • The decision is set to have a significant impact on the import industry and is aimed at promoting more efficient access to foreign exchange for businesses in Nigeria.