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:
Rice
Cement
Margarine
Palm kernel
Palm oil products
Vegetable oils
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
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods (deformed and not deformed)
Iron rods
Reinforcing bars
Wire mesh
Steel nails
Security and razor fencing and poles
Wood particle boards and panels
Wood fiberboards and panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Gas cylinders
Woven fabrics
Clothes
Plastic and rubber products
Polypropylene granules
Cellophane wrappers and bags
Soap and cosmetics
Tomatoes/tomato paste
Eurobond/foreign currency bond/ share purchases
