Home Nigeria News Now Full List: Tinubu Lifts 43 Items Previously Banned by CBN in 2015

Full List: Tinubu Lifts 43 Items Previously Banned by CBN in 2015

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Tinubu’s Govt Lifts 43 Items Banned by CBN  in 2015.

To address Nigeria’s foreign exchange crisis, the Central Bank of Nigeria (CBN) has lifted the ban on 43 items that were previously restricted from accessing official foreign exchange sources since 2015. This decision, disclosed in a circular released on October 12, 2023, marks a shift in CBN’s policy and aligns with a commitment to a market-driven exchange rate system.

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The 43 items include a wide range of imports, such as rice, cement, margarine, palm kernel/palm oil products, and various metals and construction materials. These items can now access the Nigerian Foreign Exchange Market.

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The CBN is introducing the “Willing Buyer – Willing Seller” principle to achieve a more market-driven exchange rate system. Participants are advised to reference foreign exchange rates only from official platforms like the CBN website and FMDQ to avoid potential misinformation. Notably, the disparity between official and parallel market rates is currently significant, standing at 25%.

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The CBN plans to intermittently boost liquidity in the Nigerian Foreign Exchange Market, with a decreasing frequency of interventions as market stability improves. The bank has also pledged to address the longstanding FX backlog issue and is in consultation with market players to pursue a unified foreign exchange market.

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This decision to lift the ban on these 43 items is a significant step in resolving Nigeria’s forex crisis. However, questions remain about how the CBN will meet the demand for forex given its stretched external reserve position and the current disparity between official and parallel market rates.

Analysts suggest that the central bank might need to adjust the exchange rate on the Investors’ and Exporters’ (I&E) window to mitigate arbitrage risks. As this situation evolves, it remains to be seen how it will impact Nigeria’s foreign exchange market and overall economic stability.

 

43 Items Banned by CBN in 2015

The following are the list of the 43 items that were previously banned but have now been allowed access to the Nigerian Foreign Exchange Market:

 

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  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/Sardines
  11. Cold Rolled Steel Sheets
  12. Galvanized 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 Fiber 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. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share Purchases
  42. Milk
  43. Maize
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Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of Ejes Gist Media Limited. For any rights infringements or takedown requests, please contact us at [email protected].
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