CBN Classifies 40 Imported Goods and Services as Invalid for Nigerian Forex Market

Forex
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Wednesday, June 24, 2015 10.49AM/CBN

In the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utilization of foreign exchange and the derivation of optimum benefit from goods and services imported into the country. It has become imperative to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange markets in order to encourage local production of these items.

The implementation of the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.

For the avoidance of doubt, please note that the importation of these items are not banned, thus importers desirous of importing these items shall do so using their funds without any recourse to the Nigerian foreign exchange markets.

The list of the items which may be reviewed as the need arises is attached.

All authorized Dealers are enjoined to ensure strict compliance.

List of Items not Valid for Foreign Exchange at the Nigerian Foreign Exchange Window.

 

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 Airlines/ Jets

9. Indian incense

10. Tinned Fish in sauce (Geisha)/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 non 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. Toothpicks

30. Glass and Glassware

31. Kitchen Utensils

32. Tableware

33. Tiles- vitrified and ceramic

34. Textiles

35. Woven Fabrics

36. Clothes

37. Plastic and Rubber Products

38. Soap and Cosmetics

39. Tomatoes/ Tomatoes paste

40. Euro bond/ foreign currency bond/ share Purchases

 

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