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:
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