BREAKING: Why CBN Lifts Forex Ban Placed By Emefiele On Importation Of Rice, Cement 41 Other Items

…Vows To Clear All Forex Backlogs

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

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 made available to THE WHISTLER 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:
Palm kernel/palm oil products/vegetables 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