BREAKING: CBN lifts ban on importation of Rice, cement, 41 other Items

The Central Bank of Nigeria on Thursday finally lifted the foreign exchange restriction ban placed by a former governor of the bank, Mr Godwin Emefiele on the importation of 43 items.

The apex bank lifted the restriction in a statement issues by the Director, Corporate Communications Department, Isa AbdulMumin.

The Alex bank said in the statement that the 43 items are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

Emefiele, who President Bola Tinubu, on June 9, suspended as CBN governor and has since then been in the custody of the Department of State Services (DSS), introduced the ban on the 43 items in 2015 through a Circular referenced TED/FEM/FPC/GEN/01/010.

To sustain the stability of the naira and ensure the efficient utilisation of forex, the CBN excluded importers of 41 items from accessing forex at the exchange markets to encourage local production and modified the list subsequently to 43 items.

The items are:

  1. Cement
  2. Margarine
  3. Palm kernel/palm oil products/vegetables oils
  4. Meat and processed meat products
  5. Vegetables and processed
  6. vegetable products
  7. Poultry – chicken, eggs, turkey
  8. Private airplanes/jets
  9. Indian incense
  10. Tinned fish in sauce (geisha)/sardines
  11. Cold-rolled steel sheets
  12. Galvanised 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 and reinforcing bars
  22. Wire mesh
  23. Steel nails
  24. Security and razor wire
  25. Wood particle boards and panels
  26. Wood fibre boards and panels
  27. Plywood boards and panels
  28. Wooden doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven fabrics
  37. Plastic and rubber products, polypropylene granules, cellophane wrappers
  38. Soap and cosmetics
  39. Tomatoes/tomato paste
  40. Eurobond/foreign currency bond/ share purchases
  41. Dairy/milk
  42. Maize

In the statement, the CBN said it will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a willing buyer – willing seller principle.

It said, “The CBN reiterates that the prevailing Foreign Exchange rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

“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.

“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.

“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.

“The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal. Participants and the general public are to be guided by the above.”

Source link