See the list of 41 items banned from Nigerian Forex Exchange Market

The Central Bank of Nigeria (CBN) has placed embargo on facilitation of purchase of foreign exchange through the Nigerian Foreign Exchange Markets on some imported goods and services.

Under this policy, those who import such items can no longer bid and buy foreign currency from the official window to pay their overseas suppliers.

They shall procure foreign exchange locally – from the parallel market or the Bureau De Change – to pay for their imported products.

The Nigeria Embassy in Germany clarified that “importation of these items are not prohibited or banned as being speculated.”

The new policy “only means that importers of such goods are no longer qualified to source their foreign exchange from the CBN or the official market for purchase of these items,” The Nigeria Embassy in Germany said.

The move is aimed at encouraging the local production of specific items and to sustain the stability of the foreign exchange market.

HERE’S THE LIST OF THE CONCERNED 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
33. Tiles-vitrified and ceramic
34. Textiles
35. Woven fabrics
36. Clothes
37. Plastic and rubber products, polypropylene granules
38. Cellophane wrappers
39. Soap and cosmetics
40. Tomatoes/tomato pastes
41. Eurobond/foreign currency bond/ share purchases

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