October 14, 2023 NewsOrient
By Kelechi Eke

The Central Bank of Nigeria has lifted the foreign exchange restrictions it placed on importers of rice, cement and 41 other items eight years ago.

The full list of the goods affected in the new policy directive is contained in a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin.

In the statement, the bank described the new directive as “a significant change to the foreign exchange market policy.”

It said further that “the action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time.”

The items effected include: 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.
Others are 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 pastes, Eurobond/foreign currency bond/share purchases.

NewsOrient