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HomeLatestCBN Lifts 8 Year Ban on Importing Rice, Cement, Other Items 

CBN Lifts 8 Year Ban on Importing Rice, Cement, Other Items 

Toba Owojaiye reporting

Abuja, Nigeria

The Central Bank of Nigeria has lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago,

In a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, and made available to Truth Live News, the bank said this is a significant change to the foreign exchange market policy.

According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.

In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.

Below is the list of the items:

  • Rice
  • Cement
  • Margarine
  • Palm kernel
  • Palm oil products
  • Vegetableoils
  • 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 glasswar
  • 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 pastes
  • Eurobond/foreign currency bond/ share purchases

This has been a matter for heated debates among pundits and street smart analysts. The decision has the potential of crashing the prices of food stuff in the market and improving production.

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