In a significant development, the Central Bank of Nigeria (CBN) has finally lifted the foreign exchange restrictions on 43 items after a long period of eight years. This decision marks a major policy shift that is expected to have a profound impact on the Nigerian economy.
Following this development, individuals and businesses can now access forex to carry out transactions related to these previously restricted items. Highlighting the importance of this move, the CBN aims to boost domestic production, enhance investment, improve employment rates, and ultimately stimulate the overall economic growth and development.
The Full List of the 43 Now Accessible Items
For the benefit of our readers, Media Talk Africa presents the comprehensive list of the 43 items that are no longer subjected to forex restrictions:
- 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
- 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
It is essential to note that the removal of forex restrictions on these items enables individuals and businesses across various sectors to import these commodities freely without struggling to secure foreign exchange.
This new policy is projected to promote trade, encourage local production, create job opportunities, and boost economic diversification.
With this significant move, the CBN has demonstrated its commitment to fostering business growth and overall economic stability. The decision also aligns with the government’s vision of achieving self-sufficiency, reducing import dependency, and promoting a thriving economy for Nigeria.
