The central bank of Nigeria released a list of imported products and services that will not be valid for foreign exchange in the Nigerian foreign exchange market in a circular dated June 23rd, 2015.
The list was published “in the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient use of foreign exchange and the derivation of maximum benefits from goods and services imported into the country,” according to a statement issued by the central bank at the time.
It went on to say that in order to boost local production of certain commodities, it had to bar importers of certain goods and services from obtaining foreign exchange in Nigerian markets.
In exchange, the central bank anticipated that the strategy would assist conserve foreign reserves while also facilitating the revival of domestic businesses and improving job creation.
When the list was first issued, it contained 41 items, but the central bank added two more.
After eight years, the jury is still out on whether or not this policy was successful.
In response to calls from our readers, we provide a list of the 43 items that are illegible for accessing Nigeria’s forex market.
- Rice
- Cement
- Margarine
- Palm Kernel/Palm oil products/vegetable oils
- Meat and Processed Meat Products
- Vegetables and Processed Vegetable Products
- Poultry – chicken, eggs, Turkey
- Private Airplanes/Jets
- Indian Incense
- Tinned Fish In sauce (Gelsha)/Sardines
- 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 and ReInforcina Bars
- Wire Mesh
- Steel Nalls
- Security and Razor Wire
- Wood Particle Boards and Panels
- Wood Fiber Boards and Panels
- Plywood Boards and Panels
- Wooden Doors
- Furniture
- Toothpicks
- Glass and Glassware
- Kitchen Utensils
- Tableware
- Tiles – vitrified and ceramic
- Textiles
- Woven Fabrics
- Clothes
- Plastic and Rubber Products, Cellophane Wrappers
- Soap and cosmetics
- Tomatoes/Tomato Pastes
- Euro bond/Foreign Currency Bond/Share Purchases
- Milk
- Maize
Note: While the list is 43, each item on the list includes several other sub-items as captured by the Nigerian Customs using their import codes list.
The above list does not also mean that the items on it are banned from being imported. They are just banned from accessing forex from the official investor and exporter window.
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