02 May 2016
Goods Banned by the CBN from the Foreign Exchange Market
In order to encourage the local production of specific items and in a continuing effort to sustain the stability of the foreign exchange market, as well as ensure the efficient utilization of foreign exchange, the Central Bank of Nigeria (CBN) has excluded importers of some goods and services from accessing foreign exchange in the Nigerian Foreign Exchange Market.
With this policy, those who import these items can no longer bid and buy foreign currency from the official window to pay their overseas suppliers. They shall procure foreign exchange locally - from the parallel market or the Bureau De Change - to pay for their imported products.
Although their importation is not prohibited nor banned, this means that importers of these items are no longer qualified to get foreign exchange from the CBN or the official market to buy this merchandise from overseas.
Below is a list of the concerned items that applies to importers in Nigeria:
- Palm kernel / Palm oil products / Vegetables 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
- Pan heads
- Metal boxes and containers
- Steel drums
- Steel pipes
- Wire rods (deformed and not deformed)
- Iron rods and reinforcing bard
- Wire mesh
- Steel nails
- Security and razor wire
- Wood particle boards and panels
- Wood Fibre Boards and Panels
- Plywood boards and panels
- Wooden doors
- Glass and Glassware
- Kitchen utensils
- Vitrified tiles and ceramic
- Woven fabrics
- Plastic and rubber products, polypropylene granules, cellophane wrappers
- Soap and cosmetics
- Tomatoes / Tomato pastes
- Eurobond / Foreign currency bond / Share purchases.
Please contact us if you need any further clarification regarding this news.
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