CBN lifts ban on 43 items

The Central Bank of Nigeria (CBN) has announced the lifting of ban on 43 items previously restricted from accessing forex from the official market.

The apex bank, announced the development in a statement issued on Thursday by the its director of corporate communications, Isa AbdulMumin,

“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the statement reads.

In 2015, the CBN restricted 43 items from accessing FX from I&E window.

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Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.

The lifting of the ban means that importers of these items can now freely purchase forex from the official window at ‘cheaper rates’.