BREAKING: CBN lifts Dollars restrictions on Importation of Rice, Cement, 41 other items

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

Importers who were previously restricted from purchasing foreign exchange for 43 specific items, as outlined in the 2015 Circular are now allowed to participate in the Nigerian Foreign Exchange Market to buy foreign currency for their transactions.

The new development is expected to bring relief to the importers of the 43 items, and possibly ease the high prices of the goods.

Press Release: CBN Restates Commitment To Boost Liquidity in FOREX Market…https://t.co/pFvSOQ0YlA pic.twitter.com/gOGMNzf5OL

— Central Bank of Nigeria (@cenbank) October 12, 2023

The restricted 43 items:

The 43 items that received restricted access to Forex were: Rice, cement, Margarine, Palm kernel, palm oil products and vegetable oils, Meat and processed meat products and Vegetables and processed vegetable products.

Others are: Poultry and processed poultry products, 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.

Also included on the list were: Wire mesh, Steel nails, Security and razor fencing and poles, Wood particle boards and panels, Wood fiberboards and panels, Plywood boards and panels, Wooden doors, Toothpicks, Glass and glassware, Kitchen utensils, Tableware, Tiles-vitrified and ceramic.

Textiles, Woven fabrics, Clothes, Plastic and rubber products, polypropylene granules, cellophane wrappers and bags, Soap and cosmetics, Tomatoes/tomato pastes, Eurobond/foreign currency bond/ share purchases, Piston crowns, Ball bearings, High voltage cables, Transformers/switch gears and Gas cylinders were also on list.