BREAKING: CBN lifts ban on importation of Rice, cement, 41 other Items
The Central Bank of Nigeria on Thursday finally lifted the foreign exchange restriction ban placed by a former governor of the bank, Mr Godwin Emefiele on the importation of 43 items.
The apex bank lifted the restriction in a statement issues by the Director, Corporate Communications Department, Isa AbdulMumin.
The Alex bank said in the statement that the 43 items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
Emefiele, who President Bola Tinubu, on June 9, suspended as CBN governor and has since then been in the custody of the Department of State Services (DSS), introduced the ban on the 43 items in 2015 through a Circular referenced TED/FEM/FPC/GEN/01/010.
To sustain the stability of the naira and ensure the efficient utilisation of forex, the CBN excluded importers of 41 items from accessing forex at the exchange markets to encourage local production and modified the list subsequently to 43 items.
The items are:
Palm kernel/palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed
Poultry – chicken, eggs, turkey
Tinned fish in sauce (geisha)/sardines
Cold-rolled steel sheets
Galvanised steel sheets
Metal boxes and containers
Wire rods (deformed and not deformed)
Iron rods and reinforcing bars
Security and razor wire
Wood particle boards and panels
Wood fibre boards and panels
Plywood boards and panels
Glass and Glassware
Tiles – vitrified and ceramic
Plastic and rubber products, polypropylene granules, cellophane wrappers
Soap and cosmetics
Eurobond/foreign currency bond/ share purchases
In the statement, the CBN said it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a willing buyer – willing seller principle.
It said, “The CBN reiterates that the prevailing Foreign Exchange rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
“As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”