CBN Lifts Ban On Rice, Cement, Vegetable Oils, 40 Other Items (FULL LIST)

CBN has lifted the ban on rice, cement, vegetable oils, and 40 other items after eight years.

Glamtush reports that the Central Bank of Nigeria (CBN) has lifted the ban on importers of 43 items restricted from accessing foreign exchange on its official platform.

This online platform understands that in a statement signed by CBN’s Director of Corporate Communications, Dr. Isa AbdulMumin, 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:

1. Rice
2. Cement
3. Margarine
4. Palm kernel
5. Palm oil products
6. Vegetable oils
7. Meat and processed meat products
8. Vegetables and processed vegetable products
9. Poultry and processed poultry products
10. Tinned fish in sauce (Geisha)/sardine
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
22. Reinforcing bars
23. Wire mesh
24. Steel nails
25. Security and razor fencing and poles
26. Wood particle boards and panels
27. Wood fiberboards and panels
28. Plywood boards and panels
29. Wooden doors
30. Toothpicks
31. Glass and glassware
32. Kitchen utensils
33. Tableware
34. Tiles-vitrified and ceramic
35. Gas cylinders
36. Woven fabrics
37. Clothes
38. Plastic and rubber products
39. Polypropylene granules
40. Cellophane wrappers and bags
41. Soap and cosmetics
42. Tomatoes/tomato pastes
43. Eurobond/foreign currency bond/ share purchases