The Central Bank of Nigeria (CBN) lifted the ban on the 43 items from accessing foreign exchange (FX).
It announced this in a statement, ‘CBN Restates Commitment To Boost Liquidity in FOREX Market,’ signed by its director of corporate communications, Isa AbdulMumin, on Thursday, October 12.
“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,” it stated.
President Bola Tinubu appointed new leadership to the apex bank board headed by Olayemi Cardoso.
On Tuesday, September 26, the Senate Chamber confirmed Cardoso’s appointment and the other four deputy governors – Emem Usoro, Muhammad Dattijo, Philip Ikeazor and Bala Bello.
Cardoso and his committee of governors have pledged to embrace a compliance culture to clear the FX backlog and face the daunting challenges head-on.
In the statement on Thursday, CBN added, “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.
“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.”
Here is the list of the 43 eligible items
- Palm kernel/palm oil products/vegetable 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
- Galvanised steel sheets
- Roofing sheets
- Head pans
- Metal boxes and containers
- Steel drums
- Steel pipes
- Wire rods (deformed and not deformed)
- Iron rods and reinforcing bars
- 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
- Tiles – vitrified and ceramic
- Woven fabrics
- Plastic and rubber products, polypropylene granules, cellophane wrappers
- Soap and cosmetics
- Tomatoes/tomato paste
- Eurobond/foreign currency bond/ share purchases