CBN Has Removed forex ban on 43 items (Full List)

The Central Bank of Nigeria (CBN) has relaxed the foreign exchange restriction on importing 43 commodities to increase liquidity in the foreign exchange market.

Dr.Isa Andulmumin, director of CBN’s corporate communications division, released the news, saying, “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.”

To ensure that market forces set exchange rates according to the Willing Buyer – Willing Seller concept, he stated, “The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market.”

“The CBN restates that platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems should reference the prevailing Foreign Exchange (FX) rates to enhance price discovery, transparency, and credibility in the FX rates.

The Central Bank of Nigeria (CBN) will periodically intervene to increase liquidity in the Nigerian Foreign Exchange Market to maintain price stability. These CBN actions will eventually reduce as market liquidity recovers.

The Nigerian Foreign Exchange Market has reopened to importers of all 43 items formerly banned by the 2015 Circular designated TED/FEM/FPC/GEN/01/010 and its appendices.

The Central Bank of Nigeria (CBN) is dedicated to speeding up efforts to clear the FX backlog with existing participants and will keep talking to stakeholders about the problem.

One of the CBN’s primary objectives is creating a unified foreign exchange market. To that end, discussions with market players continue.

Those “Participants and the general public are to be guided by the above.”

Below is the 43 items full list:

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

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