In a significant development, the Central Bank of Nigeria (CBN) has announced the removal of forex restrictions on the importation of 43 items, marking a substantial policy shift. These restrictions, which have been in place for the past eight years, covered a wide range of products, from food items like rice and meat to construction materials and various other commodities.
The list of items that will no longer be subject to these restrictions includes rice, cement, margarine, palm kernel, palm oil products, and vegetable oils. Additionally, meat, processed meat products, and vegetables and processed vegetable products are no longer bound by the forex constraints.
Other items that have seen the restrictions lifted include poultry and processed poultry products, tinned fish in sauce (like Geisha and sardines), various steel products (such as cold-rolled sheets, galvanized sheets, roofing sheets), and construction materials like wheelbarrows, head pans, and metal containers.
The revision of the policy also affects a range of other products, including enamelware, steel drums, steel pipes, wire rods (both deformed and not deformed), iron rods, reinforcing bars, wire mesh, steel nails, security and razor fencing, wood particle boards and panels, wood fiberboards and panels, plywood boards and panels, wooden doors, toothpicks, glass and glassware, kitchen utensils, tableware, and various types of textiles and clothing.
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In the plastics and rubber sector, products like polypropylene granules, cellophane wrappers, and bags will no longer face forex restrictions. Similarly, the ban has been lifted for soap and cosmetics, as well as tomatoes and tomato pastes.
The policy revision extends to financial markets as well, allowing for easier foreign exchange access for investments like Eurobonds, foreign currency bonds, share purchases, and the importation of specific industrial items such as piston crowns, ball bearings, high voltage cables, transformers, switch gears, and gas cylinders.
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