After an enduring span of eight years, the Central Bank of Nigeria (CBN) has taken a significant step by lifting the foreign exchange restrictions that had been imposed on importers of 43 specific items. This pivotal decision was officially conveyed through a statement, signed by Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN, signifying a momentous shift in foreign exchange market policy.
In this bold move, the CBN aims to infuse a fresh wave of liquidity into the Nigerian Foreign Exchange Market. The central bank is poised to periodically intervene, albeit with a decreasing frequency, as market liquidity begins to improve.
This decision brings to a close a chapter that began in June 2015 when the CBN introduced a circular listing various imported goods and services that were ineligible for foreign exchange allocation in the Nigerian foreign currency market. Originally, this list contained 41 items, but it was later expanded to include two more, culminating in a total of 43 restricted items.
The detailed list of the items that are no longer subject to foreign exchange restrictions is as follows:
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
This decision by the CBN to lift the ban on these 43 items signifies a momentous change in policy that is set to have a far-reaching impact on the Nigerian economy, boosting trade and market dynamics.
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