The Central Bank of Nigeria (CBN) has lifted the foreign exchange restrictions it placed on importers of 43 items.
This is after eight years it banned the items.
The CBN directive was contained in a statement signed by its Director of Corporate Communications, Isa AbdulMumin.
The statement said the ban lift is a significant change to the foreign exchange market policy.
The apex bank argued that the action will boost liquidity in the Nigerian Foreign Exchange Market and the interventions will decrease as liquidity improves.
Recall that the CBN in June 2015, 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:
Palm oil products
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
Metal boxes and containers
Wire rods (deformed and not deformed)
Security and razor fencing and poles
Wood particle boards and panels
Wood fiberboards and panels
Plywood boards and panels
Glass and glassware
Tiles-vitrified and ceramic
Plastic and rubber products
Cellophane wrappers and bags
Soap and cosmetics
Eurobond/foreign currency bond/ share purchases