On Thursday, October 12, the Central Bank of Nigeria (CBN) lifted the ban on 43 items from accessing foreign exchange (forex) through the official market.
Back in 2015, during Godwin Emefiele’s tenure as CBN governor, the bank had imposed a ban on 41 items, preventing their importers from accessing foreign exchange at the official window. Over the years, this list grew to include 43 items.
Experts are cautiously optimistic about this decision, hoping it might bring relief from inflation and other economic challenges that have affected the standard of living in Nigeria.
The ban, according to analysts, was believed to be counterproductive as it aimed to promote local production, particularly for items like rice. However, the ban led to higher inflation rates.
Although this move may have a limited impact on boosting the Nigerian Naira against the dollar, it is expected to help with food imports, which are a significant contributor to inflation.
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Below is the list of the 43 previously restricted items that can now access foreign exchange:
- Rice
- Cement
- Margarine
- Palm kernel
- Palm oil products
- Vegetable oils
- Meat and processed meat products
- Vegetables and processed vegetable products
- Poultry and processed poultry products
- Tinned fish in sauce (Geisha)/sardine
- 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
- Reinforcing bars
- Wire mesh
- Steel nails
- Security and razor fencing and poles
- Wood particle boards and panels
- Wood fiberboards and panels
- Plywood boards and panels
- Wooden doors
- Toothpicks
- Glass and glassware
- Kitchen utensils
- Tableware
- Tiles-vitrified and ceramic
- Gas cylinders
- Woven fabrics
- Clothes
- Plastic and rubber products
- Polypropylene granules
- Cellophane wrappers and bags
- Soap and cosmetics
- Tomatoes/tomato paste
- Eurobond/foreign currency bond/share purchases
After eight long years, the CBN has finally put an end to the ban on these restricted items, a move that is expected to have a positive impact on the Nigerian economy.