BREAKING: CBN reverses restriction on 41 items ineligible for forex (SEE full list)

BREAKING: CBN reverses restriction on 41 items ineligible for forex (SEE full list)

- The Central Bank of Nigeria (CBN) has lifted the restriction on items listed as ineligible for foreign exchange

- CBN in July 2015, restricted 41 items, including vegetable oil, poultry products, toothpicks, cosmetics, plastic and rubber products

- The apex bank argued that the move would encourage patronage of locally made goods

After almost two years, the Central Bank of Nigeria (CBN) has lifted the restriction on 41 items listed as ineligible for foreign exchange.

The apex bank in a circular said: “Importers of items classified as not valid for forex with transactions value of $20,000 and below per quarter shall now qualify for allocation of foreign exchange”.

Consequently, the restriction still exists for businesses with transaction value above $20,000 per quarter.

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BREAKING: CBN reverses restriction on 41 items ineligible for forex (SEE full list)

After almost 2 years, CBN reverses restriction on 41 items ineligible for forex

NAIJ.com gathered that CBN in July 2015, restricted 41 items, including vegetable oil, poultry products, toothpicks, cosmetics, plastic and rubber products, among others, from accessing foreign exchange from the interbank foreign exchange market.

The CBN also argued that the move would encourage patronage of locally made good, pushing its argument with the narrative that Nigerians were still in the business of importing toothpicks.

Below are the 41 items

1. Rice

2. Cement

3. Margarine

4. Palm kernel/Palm oil products/vegetables 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(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 not deformed)

21. Iron rods and reinforcing bard

22. Wire mesh

23. Steel nails

24. Security and razor wine

25. Wood particle boards and panels

26. Wood Fibre Boards and Panels

27. Plywood boards and panels

28. Wooden doors

29. Toothpicks

30. Glass and Glassware

31. Kitchen utensils

32. Tableware

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33. Tiles-vitrified and ceramic

34. Textiles

35. Woven fabrics

36. Clothes

37. Plastic and rubber products, polypropylene granules , cellophane wrappers

38. Soap and cosmetics

39. Tomatoes/tomato pastes

40. Eurobond/foreign currency bond/ share purchases

Watch Nigerians reacting to Whistle Blowing policy by FG.

Source: Naij.com

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