CBN restates ban on importers of 43 items from buying forex at official market rates

The Central Bank of Nigeria (CBN) has issued a clarification regarding foreign exchange (FX) access for importers of 43 items that were previously restricted from obtaining FX through the official window.

Legit.ng recalls that in a circular issued on June 24th, 2015, the CBN banned importers of certain items from accessing dollars from the official market a move aimed at preserving the country's foreign reserves.

The list, which initially comprised 41 items, has since grown to 43, including widely consumed staple foods in the country.

Reiterating its position, CBN in a statement published on its website on Friday, June 15, 2023, noted that nothing has changed on the decision to ban 43 items.

Part of the statement reads: "The status quo remains on the 43 non-eligible items. The items are not permitted to be funded from the I&E window."

CBN's statement follows its recent changes in the FX market and the collapse of all FX windows into the investors and exporters (I&E) window.

The new changes mean that all eligible FX transactions shall only be done via the I&E window, and exchange rates are usually agreed upon by both parties.

List of 43 items restricted by CBN from obtaining dollars for importation

Fertilizers

Rice

Cement

Margarine

Palm kernel /palm oil products/vegetable oils

Meat and processed meat products

Vegetables and processed meat 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

Wheelbarrows

Head pans

Metal boxes and containers

Enamelware

Steel drums

Steel pipes

Wire rods (deformed and not deformed)

Iron rods and reinforcing bard

Wire mesh

Steel nails

Security and razor wine

Wood particle boards and panels

Wood fiber boards and panels

Plywood boards and panels

Wooden doors

Furniture

Toothpicks

Glass and glassware

Kitchen utensils

Tableware

Tiles-vitrified and ceramic

Textiles Woven fabrics

Cloths

Plastic and rubber products, polypropylene granules, cellophane wrappers

Soap and cosmetics

Tomatoes/tomato pastes Euro bond/foreign currency bond/share purchases

Stockfish