The central bank of Nigeria, CBN published a list of imported goods and services that will not be valid for foreign exchange in the Nigerian foreign exchange market.
According to the statement issued by the central bank, the list was published “in the continuing effort to sustain the stability of the foreign exchange market and ensure the efficient utllization of foreign exchange and the derivation of optimum benefits from goods and services imported Into the country.”
It further stated that in order to encourage local production of these items, it had to exclude importers of some goods and services from accessing foreign exchange at the Nigerian foreign exchange markets.
In exchange, the central bank believed that the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.
The list was initially 41 when it was announced but the central bank included two more items.
It’s 8 years since then and the jury is out on whether this policy has worked or not.
Below is 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.
